I don't know if Kagi have any investors or not, but I am kind of hoping the subscription model means they don't need them.
https://news.ycombinator.com/item?id=36517149
But as the comments pointed out, the invested money is "only" ~700k, so they're likely not such a mistake as you're imagining
(I'm one of those small investors in Kagi.)
I don't know if Kagi have any investors or not, but I am kind of hoping the subscription model means they don't need them.