LitPic
LitPic | Make Social Videos, Get Paid #getlit.
| Date | Investors | Amount | Round |
|---|---|---|---|
| - | investor | €0.0 | round |
| N/A | €0.0 | round | |
| N/A | €0.0 | round | |
| N/A | €0.0 | round | |
$1.5m | Seed | ||
| Total Funding | 000k | ||
LitPic is a Seattle-based social media platform positioning itself as a comprehensive solution within the creator economy. Founded by Maurice (Sok) Yi, Ryan Lewis, Dena Lawless, and Andy Karuza, the company aims to provide content creators with direct monetization tools, moving away from a traditional ad-based revenue model. CEO Maurice Yi brings a relevant background in talent booking, product design, and marketing to the venture.
The company's primary offering is a mobile social networking app that integrates content creation, social sharing, and fan monetization. LitPic targets a wide range of creators, from artists and musicians to influencers, who can use the platform to earn revenue through multiple streams. These include direct tipping, premium content subscriptions, and brand deals facilitated by the platform. The business model is centered on a peer-to-peer economy, where fans support creators directly. Initially, the model involved a $10 monthly fee for creators, who would then keep 100% of their earnings from fans. The platform operates with an in-app digital currency called "Lits," which users can purchase and gift to creators to show appreciation, unlock exclusive content, or subscribe to their channels. Creators can then convert these "Lits" into real money.
LitPic's app features a powerful in-app camera with numerous filters and editing technology to simplify content creation. It allows fans to discover new creators, subscribe to their exclusive 'Behind the Scenes' content, and interact with them directly. By contributing, fans can gain social status and recognition within the community. A significant milestone for the company was securing $1.5 million in a seed funding round in August 2021, with participation from notable investors like Tribe Capital, Fritz Lanman, and Michael Arrington via Arrington Capital. This capital was intended to expand operations and development.
Keywords: creator economy, fan monetization, content monetization, social media platform, direct-to-creator, digital currency, creator tools, influencer marketing, subscription model, peer-to-peer payments, Maurice Yi, video content, fan engagement, tipping, social network, brand deals, mobile app, content creation, Seattle startup