February 29, 2024

Self-Made Millionaire Lucy Guo’s Latest Venture, Passes, Attracts $40M And Big-Name Investors

Lucy Guo, a self-made millionaire and co-founder of the $7 billion-valued unicorn Scale AI, is making headlines again with her platform Passes, according to Fortune.

Lucy Guo And Passes

At 29, Guo has secured $40 million in Series A funding for her new venture, Passes, a creator monetization platform. 

Passes, previously used by Black Chyna, aims to revolutionize how content creators earn money.

The $40 million round was led by the San Francisco-based Bond, spearheaded by Kleiner Perkins alums Mary Meeker and Mood Rowghani.

Skims co-founders Emma and Jens Grede and Crossbeam Ventures, the fund by Creative Arts Agency co-founder and former Disney president Michael Ovitz, also joined the round.

On Passes, content creators with over 100,000 followers can leverage the platform to post exclusive content, live stream, and even host one-on-one calls with fans. 

With the instability of income from brand deals and the whims of social media algorithms, Passes offers a more consistent revenue model. 

Unique features like screenshot-blocking technology and automated sales messages set it apart from similar platforms like Patreon and Fanfix.

A History Of Success

Lucy Guo’s entrepreneurial spirit has been evident since her early days of selling Pokémon cards and teaching herself to code.

After co-founding Scale AI, she founded Backend Ventures and invested in several unicorns. 

Now, with Passes, she’s shifting her focus to support creators, helping them grow from small to large businesses.

“I believe creators are small businesses, and it’s Passes’ goal to turn them into large businesses,” Guo told Fortune.

Passes currently support 900 creators and 500,000 fans, with its top 10 creators on track to earn over $1 million this year. 

Despite not disclosing Passes’ revenue, the platform charges a 10% fee plus a 30-cent transaction fee on payments, hinting at significant financial success.

Sara Keenan

Tech Reporter at POCIT. Following her master's degree in journalism, Sara cultivated a deep passion for writing and driving positive change for Black and Brown individuals across all areas of life. This passion expanded to include the experiences of Black and Brown people in tech thanks to her internship experience as an editorial assistant at a tech startup.