Kajabi, an e-commerce platform that serves knowledge-based businesses, said on Tuesday it raised $550 million in its latest round of funding led by Tiger Global Management, which puts the company’s valuation at over $2 billion.
The mega round comes as the pandemic has given online businesses a boost and shown the potential growth of what some call the “knowledge economy” including business coaches, trainers, podcast and newsletter makers, and more.
Kajabi was co-founded in Irvine, California, over a decade ago by Kenny Rueter, who created a sprinkler toy with PVC pipes for his sons.
So he made a how-to video for it, but Rueter, a software engineer, wanted to sell the video instead of posting it for free on YouTube.
Rueter said the latest funds are to help the company keep up with the “hyper-growth” it has experienced, and that acquisitions are possible.
Groq, Kajabi, Kenny Rueter, Rueter, Arun Agarwal
Tiger Global Management, Tiger Global, YouTube, TPG, Thomson
Irvine , California