Phoebe Gates, the youngest child of billionaire Bill Gates and Melinda French Gates, recently launched her own business venture without seeking financial assistance from her famous father. The 22-year-old co-founded Phia, an online price comparison shopping platform, alongside her former Stanford University roommate Sophia Kianni, 23. In an interview with The New York Times, Bill Gates expressed relief that his daughter did not ask him to fund her business.
“I thought, ‘Oh boy, she’s going to come and ask [for money],’ ” Gates said, acknowledging his concerns about the competitive e-commerce space. Luckily, it never happened,” he added, admitting that he would have likely kept Phoebe on a short leash with business reviews, potentially complicating their relationship. Phoebe and Kianni faced significant challenges in securing initial funding for Phia.
With guidance from her mother, Melinda, Phoebe raised capital independently.
Phia’s independent launch with Phoebe
The duo started with $100,000 from Soma Capital and a $250,000 grant from a Stanford social entrepreneurship program.
After numerous rejections, they secured an additional $500,000 from angel investors. Melinda Gates saw the venture as a learning opportunity for Phoebe. “She saw it as a real opportunity for me to, like, learn and fail,” Phoebe said of her mother’s perspective.
Bill Gates, who has advised his daughter mostly on personnel issues, commented, “When it comes to shopping, I’m not exactly the target audience.” The Microsoft co-founder, with a net worth of $108 billion, has previously stated his intent to leave a relatively small portion of his fortune to his children, emphasizing the value of self-reliance and hard work. Phoebe’s efforts with Phia underscore her entrepreneurial spirit and determination to succeed independently, despite the challenges and expectations that come with her famous last name. As she steps into the spotlight, Phoebe Gates aims to make her own mark in the tech and fashion world.
Photo by; Rami Al-zayat on Unsplash