Total amount raised
$49 Millions
Latest funding date
2/1/2024
Location
Passes has successfully raised $40 million in Series A funding, attracting the attention of 16 investors, including Abstract and Emma Grede. The platform offers creators a suite of tools to monetize their brands through customizable memberships, direct messaging, livestreaming, and a marketplace for merchandise and content.
Keep reading to explore the intricacies of Passes' fundraising journey and the investors backing this innovative platform.
What Is Passes?
Passes, founded on November 29, 2022, is a Miami-based platform designed to help creators monetize their brands and engage with their audiences. The company was founded by Lucy Guo and currently employs between 11 to 50 people.
Passes offers a variety of tools for creators, including customizable memberships, direct messaging, livestreaming, and a marketplace for merchandise and content. These features enable creators to build and maintain strong connections with their fans while generating revenue.
With a focus on providing a comprehensive suite of monetization options, Passes aims to support creators in maximizing their earning potential and fostering community engagement.
How Much Funding Has Passes Raised?
- Seed Round
- Amount Raised: $9M
- Date: May 2022
- Lead Investors: Multicoin Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the paywall platform for creators.
- Series A
- Amount Raised: $40M
- Date: February 2024
- Lead Investors: Bond
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: The funds will be used to expand the team at Passes.
Total amount raised: $49M. Current valuation: Not publicly disclosed.
Key Investors
- Bond
- Details: Bond is a San Francisco-based venture capital firm that focuses on investing in technology companies. They are known for their data-driven approach to identifying and supporting high-growth startups.
- Investment Focus Areas: Technology, Consumer Internet, Enterprise Software
- Notable Investments: Stripe, DoorDash, Canva
- Multicoin Capital
- Details: Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies. They focus on identifying and investing in the most promising projects in the blockchain and cryptocurrency space.
- Investment Focus Areas: Cryptocurrencies, Blockchain, Decentralized Finance (DeFi)
- Notable Investments: Solana, The Graph, Helium
- Abstract Ventures
- Details: Abstract Ventures is a venture capital firm that invests in early-stage technology companies. They focus on providing strategic support and capital to help startups scale.
- Investment Focus Areas: Early-stage Technology, Consumer Products, Enterprise Solutions
- Notable Investments: Notion, Robinhood, Airbnb
- Crossbeam Ventures
- Details: Founded by Michael Ovitz, Crossbeam Ventures is a venture capital firm that invests in innovative companies across various sectors. Michael Ovitz is a co-founder of Creative Artists Agency (CAA) and has a background in entertainment and media.
- Investment Focus Areas: Media and Entertainment, Technology, Consumer Brands
- Notable Investments: SKIMS, MasterClass, The Honest Company
- Emma and Jens Grede
- Details: Emma and Jens Grede are entrepreneurs and investors known for their involvement in the fashion industry. They are the team behind Kim Kardashian’s SKIMS, a successful shapewear and clothing brand.
- Investment Focus Areas: Fashion and Apparel, Consumer Brands, E-commerce
- Notable Investments: SKIMS, Frame (denim brand), Good American (fashion brand)
What's Next for Passes?
Passes is poised to capitalize on the burgeoning creator economy by offering tools that convert fans into superfans through exclusive content and direct engagement. With $40 million in Series A funding, the platform is well-positioned to attract top influencers and brand partnerships, leveraging AI to enhance user experience and sales efforts.
Future fundraising opportunities seem promising as Passes continues to scale and integrate advanced AI features. However, the company may face challenges such as competition from other platforms and the need to maintain user trust and platform safety. Adapting to rapidly changing social media algorithms will also be crucial for sustained growth.
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