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The company’s funding round was oversubscribed. In the end, the total was $250 million. However, the valuation stayed at $2 billion. Pipe’s goal is to become a Nasdaq stock, and the amount was enough to fund that plan. That said, Harry Hurst, the company’s co-CEO, said that the company could have raised more cash, if needed.
The company’s new $100 million convertible note with SoftBank Group is another big move, as it will help the company expand internationally. As an investment firm, SoftBank has a wide background in the technology sector, and Knotel will benefit from this expertise.
