Veteran entrepreneurs and longtime investors are backing a Seattle startup behind a new social network that helps creators and influencers earn revenue from their fans.
LitPic announced a $1.5 million round from investors including Fritz Lanman (CEO of ClassPass), Kal Vepuri (founder of Hero), Adrian Aoun (founder of Forward), Michael Arrington (founder of Techcrunch), Tod Sacerdoti (founder of Pipedream), Andreas Penna (president at Rain Instant Pay), Tribe Capital, and “digital” supermodel Coca Rocha.
LitPic mixes elements of Onlyfans and Twitch, and features built-in tools that allow creators to make money. It uses an in-app currency called “Lits” that let users support creators and get behind-the-scenes content. Users can also earn rewards and perks for their contributions, which incentivizes them to gift creators.
“Hundreds of billions of dollars in enterprise value has been created off the back of influencers yet to date they have not shared in that upside. Thanks to LitPic, that is about to change,” Lanman said in a statement.
Creator-focused companies have raised a whopping $1.3 billion in funding this year, according to CB Insights.
Part of LitPic’s appeal is to allow more creators to make money, not just the top influencers on platforms such as Instagram and TikTok who earn cash from brand deals.
LitPic certainly faces an uphill battle in terms of attracting enough people to its app in a crowded market, but the 14-person company believes it is unique. It has more than 6,000 creators signed up for its beta.
“We are excited to create a platform that brings together social networking, standardized monetization tools, and a creative camera to make cool content in an all-in-one solution,” said CEO Maurice Yi, who has experience working in talent booking, product design, marketing, and event production. “We believe everyone should be able to monetize their work and be paid for their creativity while also rewarding the fans and supporters with attention and popularity.”
LitPic said it plans to incorporate NFTs in the future. It already allows users to cash out their Lits and invest in LiteCoin, one of the company’s partners.
