Manny Medina, co-founder and former CEO of Seattle sales company Outreach, is off and running on his new startup adventure with a fresh $21 million seed round for Paid.
Founded earlier this year, the London-based company helps companies with monetization and billing for their AI agents.
Medina previously about this topic in a business advice column for GeekWire, noting the challenges around AI agent monetization given the fundamental differences between agents and traditional software-as-a-service.
Paid helps companies create pricing models that align with how customers get value and lets them tweak their AI agent code to allow for different pricing mechanisms.
“We’re building the infrastructure that lets SaaS companies break free from the seat-based trap and return to growth,” Medina wrote on LinkedIn.
TechCrunch reported that Paid is already valued north of $100 million.
Lightspeed led the big seed round.
“This investment also reflects our broader conviction about where AI value creation is heading: the next wave of AI value will come from infrastructure that operationalizes AI deployment at scale and application companies that harness the value created,” Lightspeed partner Alexander Schmitt wrote in a blog post.
Bellevue, Wash.-based FUSE also participated in the round.
“Paid is essential for AI native companies and SaaS companies to monetize and win in 2025,” FUSE founding partner Kellan Carter wrote on LinkedIn.
Seattle-based Founders’ Co-op previously invested in Paid.
Medina, who is now based in London, stepped down as CEO at Outreach in September 2024. He became executive chairman of the company’s board at the time and is now a board member.
Outreach, launched in 2014, helps companies improve their seller workflows and win more deals. The company has raised nearly $500 million and reached a $4.4 billion valuation after raising $200 million in 2021.
Outreach grew rapidly during the pandemic, but went through multiple rounds of layoffs over the past few years. The company is now led by CEO Abhijit Mitra, who joined the company in 2023 as its president of product and technology.
Medina co-founded Outreach in 2014 with Wes Hather, Gordon Hempton, and Andrew Kinzer. Hather and Hempton worked on a couple startups in recent years and are now focused on construction software startup Specbook. Kinzer recently shut down a smart fridge company and recently founded a stealth startup, according to LinkedIn.
