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Two months after pulling in a $50 million equity round, , a trading platform for recurring revenue streams, brought in an oversubscribed $250 million strategic equity fund investment to value the company at $2 billion.

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The new investment brings Pipe鈥檚 total raise to $316 million since the Miami-based company was started by, and in 2019, according to Hurst. Of that, $300 million was raised in 2021 alone.

Pipe鈥檚 software-as-a-service platform launched in February 2020, and is touted as the industry鈥檚 first subscription financing platform that enables SaaS companies turn their monthly or quarterly subscriptions into upfront cash flow.

At least, that was the initial target: Hurst told Crunchbase News that Pipe has steadily attracted companies outside of the SaaS industry. This year, it added more than 1,000 new companies to the platform from industries including telecommunications, property management, food delivery, subscription pharmacy, sports and entertainment, to give it 4,000 companies since the 2020 launch.

鈥淥ver 25 percent of the companies now on our platform are in non-SaaS verticals,鈥� he said. 鈥淐ompanies are starting to understand that with Pipe in their capital stack, they can scale their business. Once you have that growth engine, it is proving out that the best way to finance is trading the recurring revenue streams. We have truly achieved our goal of being a global trading platform for recurring revenue as an asset class.鈥�

led the round and was joined by new investors , , , and , as well as existing investors including , , , and .

鈥淏y fundamentally changing the way entrepreneurs and organizations raise capital to fund their growth, Pipe has quickly emerged as one of the most important financial technology companies in the world,鈥� said , managing general partner at Greenspring Associates, in a written statement. 鈥淥ur investment will further Pipe鈥檚 mission to put companies in the driver鈥檚 seat of their growth.鈥�

The new funding will be used similar to previous rounds 鈥� to fund Pipe鈥檚 global expansion, as well as to get into additional industry verticals. Hurst said there is 鈥渁 plethora of addressable markets鈥� from companies in their early stages to publicly traded companies.

鈥淎t this point, most businesses have a recurring revenue layer to their business, and if they don鈥檛, they are thinking about adding one,鈥� he added.

Illustration: iStock