Lindsey Lee Lurgin, the founder of Fuck You Pay Me (FYPM), has taken an unconventional approach to fundraising. Her company, which functions as a platform similar to Glassdoor but for influencers, managed to raise a seed extension of $275K solely through Instagram stories, without the use of a traditional pitch deck.
Key Takeaway
FYPM, a platform for influencers, raised $275K through Instagram stories and unique fundraising tactics, bypassing the need for a traditional pitch deck.
Unique Fundraising Strategy
Lurgin bypassed the need for a pitch deck by leveraging her broad audience in the creator economy industry on Instagram. Instead of sending out a pitch deck to potential investors, she posted updates on the company’s performance, funding requirements, and terms directly on her Instagram stories. Lurgin also incorporated what she refers to as “thirst traps” into her stories to increase their reach.
Angel Investors and Support
Notable angel investors in FYPM include Derek Schlicker, the CFO at Clearbit (recently acquired by Hubspot for $150 million), Jessica Lee (a former Wall Street managing director turned influencer), and Sophia Amoruso, the founder of Nasty Gal and an investor.
Platform Purpose and Evolution
FYPM serves as a platform for creators to review brands they have collaborated with and share essential data such as payment details and turnaround times. The platform’s evolution stems from Lurgin’s personal experience as a freelance model and the challenges she faced in receiving fair compensation for her work.
Challenges and Future Plans
One of the significant challenges for FYPM has been ensuring the quality and authenticity of the data on its platform. With the recent funding, Lurgin aims to address technical barriers to scale while maintaining the integrity of the product. The long-term vision for FYPM includes the development of an API and the democratization of payment data across the creator economy.
Empowering the Creator Economy
Lurgin envisions FYPM as a catalyst for change in the creator economy, aiming to provide financial freedom by democratizing information and empowering creators and talent managers through access to verified payment data.
The creator economy is ready for a workers’ movement, and FYPM’s innovative approach to fundraising and its commitment to transparency and fairness in the industry position it as a significant player in this space.
