Seattle, Washington — Raised in a world of privilege, Phoebe Gates has embraced her affluent upbringing while striving to establish her own identity. At 22, the youngest daughter of Bill and Melinda Gates is stepping into the entrepreneurial arena with a venture that aims to disrupt the online shopping experience. Co-founding Phia, an innovative e-commerce app tailored for fashion enthusiasts, she is determined to showcase her talents outside the shadow of her billionaire father.
Phia, described as “Google Flights for fashion,” allows users to compare prices across various online platforms. By cutting out ads and simplifying the search process, the app offers a streamlined shopping experience that savvy consumers have been craving. Notably, Phoebe, contrary to expectations, chose not to seek financial support from her father, marking a significant attempt to carve her own entrepreneurial path.
Reflecting on her pitch to Bill Gates, she recalls expecting to ask for his assistance but instead insisted on self-sufficiency. Gates acknowledged this pivotal moment, expressing relief that she decided to pursue her initiative independently. Phoebe’s approach not only highlights her desire for autonomy but also signifies a broader trend among young entrepreneurs seeking to build businesses on their own merits.
The concept for Phia emerged during an entrepreneurship course, inspired by Phoebe and her co-founder, Sophia Kianni’s, shared experiences in fashion resale. Frustrated by the inflated prices they encountered, they recognized a gap in the market for consumers wanting to make informed purchases without wading through extensive online options. This shared passion led them to develop a solution aimed at delivering quicker and smarter purchasing decisions.
Acknowledging the privileges in her life, Phoebe is acutely aware of the scrutiny her achievements may face. In interviews, she has expressed concern that success may be attributed to her family’s wealth rather than her own capabilities. Despite this, she emphasizes the pressure to excel independently and her commitment to overcoming potential skepticism about her accomplishments.
Phia has made significant strides since its inception. The startup not only secured investment from prominent venture capital firms but has also garnered guidance from notable figures in the business world, including media mogul Kris Jenner. Additionally, Phoebe and Sophia have ventured into the podcast sphere, launching “The Burnouts with Phoebe and Sophia,” further expanding their brand.
Though her mother, Melinda French Gates, has not taken a direct role in her professional journey, she remains a vital support system for Phoebe. The young entrepreneur appreciates her mother’s perspective on taking risks, viewing them as opportunities for growth. Instead of relying on her father’s immense financial resources, Phoebe attracted substantial backing through alternative avenues, including a grant from Stanford’s social entrepreneurship program and investments from angel investors.
While her father has yet to support her business financially, he has significantly increased each of his children’s inheritance, now valued at approximately $500 million. This adjustment underscores the family’s commitment to ensuring that their children have the financial security to pursue their dreams, regardless of their personal wealth.
Phia aims to facilitate a better shopping experience by allowing users to access instant price comparisons from over 40,000 shopping websites, spanning various luxury brands and everyday options. With a team comprising experienced professionals from top tech companies, Phoebe and Sophia’s startup seeks to empower consumers while redefining how fashion shopping is approached in the digital age.
As Phia officially transitions from its pre-launch phase, the free iOS app is available for download, promising to transform the way people shop. With her entrepreneurial journey only just beginning, Phoebe Gates exemplifies a new wave of young leaders determined to leave their mark on the world of business.