Irvine-based Kajabi announced that it has raised $550 million in a new round of financing that has the company valued at $2 billion. Kajabi offers a subscription service to people who want to monetize their expertise, offering tools for creating websites, online classes, newsletters, podcasts and collecting payment from members.

The company began over a decade ago when Irvine resident Kenny Rueter created a sprinkler toy for his kids that became popular with neighborhood friends. He decided to make a how-to video to instruct others on how to make the toy but realized there was no platform for him to sell his video. Today, Kajabi, the company he founded, offers a complete toolkit for knowledge businesses to grow their enterprise.