Phoebe Gates Raises $8M, Investor Kris Jenner ‘So Proud’ (Exclusive)

Phoebe Gates and Sophia Kianni announced this week that Phia, their AI-powered price comparison tool that aims to “reinvent shopping,” has raised $8 million in seed funding thanks in part to a slate of celebrity investors.

Led by venture capital firm Kleiner Perkins — which has also backed Google and Amazon — Phia attracted donations by Hailey Bieber, Kris Jenner, SPANX founder Sara Blakely and former Facebook COO Sheryl Sandberg, among others.

Phia also reported 500,000 people now use its app and browser extension, which launched in April, to calculate items’ resale value, condense product details and track price decreases for billions of fashion pieces, including millions of secondhand items.

“The way you build a brand today is simple – you build it for your audience. And that’s exactly what Phoebe and Sophia are doing with Phia,” Jenner, 69, says in an exclusive statement to PEOPLE. “From launching their hit podcast, The Burnouts, to creating a loyal digital community before their app even went live, they know exactly how to grow something organically.”

“It’s smart, it’s intentional, and it’s the kind of storytelling that takes early buzz and turns it into real cultural impact. I’m so proud to be part of their journey,” she adds.

“Phoebe and Sophia recognized the white space that existed in the fashion industry and were quick to build a product this generation wants,” Bieber said in a separate statement to The Business of Fashion. “They move fast and listen deeply to their customers. Backing female founders with this level of clarity and creativity is something I’m honored to be a part of.”

With the money, the company plans to “grow a world-class team” across engineering, AI research, product, and marketing to accelerate the next phase of growth,” according to a press release.

In April, Jenner appeared in an episode of Gates and Kianni’s podcast, during which the trio discussed a variety of topics, from Jenner’s business acumen to lessons she learned from working as a flight attendant back in the day.

Jenner also revealed during the episode that she’s an investor and advisor for Phia, which at the time hadn’t quite launched yet.

“It was a no brainer,” Jenner said previously of deciding to invest.

Phoebe, the youngest daughter of Bill Gates and Melinda French Gates, met Kianni at Stanford University, where they lived together.

“We were both supposed to room with the same girl … and then we ended up being the only two paired together,” Sophia previously previously told PEOPLE.

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Now, the cofounders, both 23, are combining what they learned together in the classroom with their shared love of style.

“AI is reshaping nearly every industry, but shopping is stuck in the past,” said Gates. “Consumers still waste hours comparing prices and hunting for deals, only to still end up overpaying.”