Kajabi may not be an American household name, but users of the web hosting and video technology platform are now seen in many American households.
The firm, initially up and running and profitable since its launch, raised a minority investment from Spectrum Equity Partners last November, but that was just the icing on the cake for a company that had seen increased adoption by users.
The COVID-19 pandemic has pushed that adoption even higher as work-from-home concerts give way to work from home and anyone who decides to join the online education and training action, the company said.
In the past year alone, the company saw its exercise rate exceed $ 60 million in August and the company hit the milestone of more than $ 1 billion in recorded transactions in March, according to chief marketing officer Orlando Baeza, who in previously worked as a marketing executive at Buzzfeed and Paramount Pictures .
Last November, the company acquired a minority stake from Spectrum Equity Partners, the first outside capital raised by the company since its inception just over a decade ago.
Founded by a former commodity trader, Kenny Rueter, Kajabi is like Thinkific or Patreon primarily for online learning and video-based entrepreneurs.
“ItIt’s not just a way to sell your content, “said Kajabi President Jonathan Cronstedt.” It does your webpage, blog, email marketing, marketing automation, digital delivery. It does the webinar aspect and marketing you need to build a prospect list … It’s a start-to-finish platform for an online business. “
If the best way to make money on a gold rush is to sell picks and shovels, then think of Kajabi as the pick and shovel provider for self-help, start-up guide, guru’s advice set.
The company promotes its enabling of self-help legends such as Brendon Burchard, Danielle Leslie and Amy Porterfield, and most recently Sophia Amoruso, who joined the platform in August.
“We want to enable entrepreneurs, experts and influencers who take their business seriously to be successful online,” Cronstedt said in a November interview when the company took its minority investment from Spectrum Equity.
The company’s toolkit basically serves as an integration of the various software packages a company would need to get off the ground. Instead of integrating Shopify, Wix and other platforms to create a full set of tools, Kajabi does it for a company.
“There are countless ways you can use duct tape and safety cable to bring all of these solutions together,” said Cronstedt. “[Businesses are] they won’t have a chance to get it out because they’re too busy trying to be a platform integrator … they never get to create anything. “
With over 100 employees, the company sees itself on a pandemic-led trajectory that should prepare it for massive growth.
In fact, online learning is now a $ 220 billion global marketplace, and the self-help market alone is $ 11 billion (people need a lot of help). The company also cites statistics indicating the number of Americans pursuing “secondary hustle and bustle” at around 35% with an estimated 40 million “solopreneurs” in the US workforce.
“Since inception, we’ve helped 41 million users access great educational content and our customers have generated over 1 billion in sales,” Rueter said in a November statement. “We feel blessed to partner with amazing entrepreneurs who share their experience with the world and are thrilled to help so many others.”