Paid Raises $33M to Build the Revenue Infrastructure for the AI Agent Economy

May 2, 2025

Paid, the London-based revenue infrastructure platform for AI agents, raised a total of $33 million across two rounds in 2025: a €10 million pre-seed led by EQT Ventures and Sequoia Capital in March, and a $21.6 million Seed round led by Lightspeed Venture Partners in May, with participation from FUSE and existing investor EQT Ventures. The company was founded by Manny Medina, who previously co-founded Outreach and grew it from zero to 6,000 customers, 800 employees, and $250 million in annual recurring revenue before a $4.4 billion valuation. Paid is building the pricing, billing, margin management, and renewal infrastructure that AI agent companies require to run commercially sustainable businesses.

The AI agent market presents a fundamental monetisation problem. Most agentic software companies are using billing approaches inherited from traditional SaaS — per-seat pricing, transaction fees, or monthly subscriptions — that are structurally misaligned with the value that AI agents actually deliver. An AI agent that replaces an entire team function is not analogous to a seat of software; an agent that produces work worth thousands of dollars per output cannot be priced on a transaction basis. Agentic companies are also exposed to a margin risk that traditional SaaS companies don’t face: LLM compute costs can vary dramatically by use case, agent, and customer, creating the possibility that a commercially successful agent is simultaneously an unprofitable one. Without granular margin visibility at the agent and customer level, agentic businesses are effectively flying blind.

Paid addresses both problems. With a few lines of code, the platform handles the full revenue lifecycle for AI agents: flexible pricing models including outcome-based, hybrid subscription-performance, and revenue-sharing structures; real-time margin tracking that monitors token and compute costs per agent and per customer; automated invoicing with client portals that demonstrate the work agents have actually performed; and renewal and expansion workflows. Early customers include IFS (which is using Paid to scale its AI agent platform offering to industrial enterprise partners) and Artisan, whose CEO reported that Paid gave them the confidence to price on outcomes rather than inputs.

The capital will accelerate product development, grow Paid’s engineering team in London, and support customer acquisition as the agentic software market matures. The broader market context is significant: forecasters project that autonomous AI agents will contribute up to $19.9 trillion to the global economy by 2030, representing a fundamental restructuring of how software-delivered services are priced and monetised. Paid’s thesis is that this transition requires entirely new commercial infrastructure — and that the companies building that infrastructure will occupy a similar strategic position to what Zuora and Stripe occupy in the SaaS and payments ecosystems today.

Lightspeed’s lead on the Seed round is a meaningful signal of conviction in both the market thesis and the founding team. Medina’s track record at Outreach gives Paid a rare combination of credibility with enterprise buyers, deep product experience in revenue operations, and the network to land design-partner customers quickly. Sequoia’s participation in the pre-seed, followed by Lightspeed’s in the Seed, reflects a broader pattern of top-tier investors competing to back the infrastructure layer of the AI agent economy before category leaders emerge.

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