Stripe and Precursor lead $4.5m seed into media CRM startup Pico
Google and Facebook are increasingly slurping up every ad dollar on the internet. Their dominant position is upending the business models of traditional and startup media companies alike. The click-driven ad model of yore is leaving a graveyard in its wake, as once high-flying companies like Mic collapse.
Learning from the wave of SaaS startups that have launched and gone public over the past decade, media companies are increasingly exploring subscription models as a way to provide robust, recurring revenue while also building closer ties to customers to boot (btw, have you heard of Extra Crunch?). And customers seem ready to open their wallets as well.
That transition from ad revenue to subscription means that the infrastructure undergirding these companies needs to be completely ripped out and replaced with new solutions designed to solve a whole new set of problems — and opportunities.
Enter Pico. The company, the brainchild of childhood friends and Stanford grads Nick Chen and Jason Bade, wants to imprint a customer-first mentality right into the software powering media companies. At its core, Pico is an identity layer for media — offering a way to implement paywalls, checkouts, and analytics while actually knowing who your