Bill Gates on Funding Daughter Phoebe's Business: "I Would Have Kept Her on a Short Leash"

Bill Gates, the 13th richest person globally, expressed gratitude that his daughter Phoebe secured funding for her startup independently. He revealed he anticipated she'd ask for financial help but would have kept her on a "short leash" and been overly nice. Phoebe has launched her digital fashion platform Phia, which aggregates clothing prices and promotes second-hand shopping to reduce waste and carbon footprint. She raised over $500,000 from venture capitalists and angel investors after graduating from Stanford.

Phoebe Gates, the daughter of billionaire Bill Gates, has launched her AI-powered shopping app, Phia, independently securing over $500,000 in funding from venture capitalists and angel investors. The app, co-founded with her former Stanford roommate and climate activist Sophia Kianni, aims to simplify online shopping and promote sustainability.

Bill Gates, the 13th richest person globally, expressed gratitude that Phoebe secured funding for her startup independently. He revealed he anticipated she'd ask for financial help but would have kept her on a "short leash" and been overly nice, potentially compromising his objectivity as an investor. Instead, he offered advice on personnel matters while stepping back from the business side.

Phia is a free AI-powered app that compares prices across more than 40,000 retailers and secondhand platforms, offering users the best available deals. It features a "Should I Buy This?" button and personalised shopping preferences, designed to make shopping simpler and more sustainable. The app's vast database includes over 250 million secondhand items from platforms such as The RealReal, Vestiaire Collective, and Poshmark.

Phoebe and Sophia, speaking jointly to People, said, "Shopping for the things you love shouldn’t be hard, expensive, or a waste of time. That’s why we built Phia—to make finding the best deal effortless" [1].

The app's success signals a growing shift among younger entrepreneurs who are keen to merge consumer technology with sustainable practices. Prominent investors, including Kris Jenner and entrepreneur Desiree Gruber, have shown early confidence in Phia’s potential to disrupt the e-commerce space.

Bill Gates' decision to refrain from funding Phia fits a broader philosophy he holds about his children's financial independence. In a podcast interview, Gates revealed that he has given his children "less than 1 per cent" of his total wealth, encouraging them to forge their own paths rather than rely on inheritance. This approach aligns with the Gates family's history of balancing wealth with values, as seen in their significant real estate investments tailored to support their children's passions [2].

References:
[1] https://economictimes.indiatimes.com/news/international/global-trends/phoebe-gates-launches-phia-without-her-dads-fortune-heres-why-bill-gates-stayed-out-of-it/articleshow/120664764.cms
[2] https://www.gurufocus.com/news/2806470/bill-gates-daughter-launches-ai-shopping-app-phia-for-price-comparison