Manny Medina, the founder of sales automation giant Outreach (valued at $4.4 billion), is turning heads again with his new venture, Paid. The London-based startup has just secured an oversubscribed $21.6 million seed round led by Lightspeed, bringing its total raised to $33.3 million after a €10 million pre-seed in March. Sources familiar with the deal say Paid’s valuation has already topped $100 million, before even reaching Series A.
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Unlike most players in the fast-growing AI agent space, Paid doesn’t build agents itself. Instead, it provides the infrastructure for agent makers to monetize their creations through results-based billing, a model that charges customers based on the value or cost savings delivered by AI agents. Medina describes Paid as enabling developers to “start charging for points of margin saved by their customers,” offering a clear departure from traditional per-user or flat-fee SaaS pricing.
This approach tackles a growing challenge in AI: enterprise customers want measurable value, not endless credits or output of questionable quality. A recent MIT study found that while billions have been poured into AI pilots, 95% failed to deliver value. Paid’s system ensures that agents only get paid when they deliver tangible results.
Early adopters include viral sales automation startup Artisan and ERP vendor IFS, with interest also coming from SaaS companies exploring AI-driven growth. Lightspeed partner Alexander Schmitt noted the firm’s $2.5 billion commitment to AI investments, calling Paid’s approach “something we haven’t seen someone else build.”
The funding round also drew participation from new investor FUSE and existing backer EQT Ventures. As Paid builds out its infrastructure, it could become a defining player in how AI agents enter mainstream enterprise adoption, and how they get paid for their work.
