Hot Cloud Storage Provider Wasabi Closes $250M in New Funding

With its latest round of funding, Wasabi has achieved “unicorn status” and is now valued at more than $1.1 billion.

BOSTON — Wasabi Technologies, a provider of hot Cloud storage, announces it has achieved “unicorn status” following $250 million in new funding.

Wasabi raised $125 million in Series D equity led by L2 Point Management with participation from Cedar Pine; an affiliate of Cerberus Capital Management; and returning investors including Fidelity Management & Research Company and Forestay Capital, bringing the company’s valuation to over $1.1 billion.

It also expanded its existing debt facility with MGG Investment Group to $125 million. Barclays acted as sole placement agent on the transaction.

Wasabi provides fast, affordable and highly reliable Cloud data storage for businesses all over the world at 1/5th the cost of large hyperscale providers or on-premises storage, with no charges for egress or API requests and no complex tiering, according to the company.

The hot Cloud storage provider’s revenues more than doubled from 2020-2021, and Wasabi now has more than 40,000 customers in over 100 countries, 13,000 partners, 250+ global employees and 13 storage regions across North America, Europe and Asia Pacific.

The new equity will drive expansion into additional vertical markets and geographies, enhance the company’s channel partnerships, and scale the its go-to-market team and global brand strategies.

Meanwhile, it is said the debt will be used to finance capital equipment and infrastructure in Wasabi’s storage regions around the world, and to invest in Wasabi’s technology capabilities to lay the groundwork for a new generation of Cloud storage architecture.

“Closing a large up round in this environment speaks to the spectacular growth of Wasabi, the magnitude of the Cloud storage opportunity, and our leadership as the industry’s largest pure-play Cloud storage vendor. At Wasabi, we focus on just one thing: Cloud storage. We do it better than anyone else in the industry. Because of this singular focus, our team has achieved best-in-class performance and security at the lowest prices in the industry,” says David Friend, co-founder and CEO of Wasabi Technologies.

Kerstin Dittmar, managing partner of lead investor L2 Point, will join Wasabi’s Board of Directors. “Wasabi provides a game-changing product that offers customers a simpler, faster, and significantly more economical solution to their Cloud data storage needs. We believe this capital raise will allow Wasabi to continue to expand its offering across additional services and geographies to meet their global customers’ needs,” says Dittmar.

In addition to the performance of Wasabi hot Cloud storage, the company partners with over 350 technology companies, including leading backup, disaster recovery and surveillance companies. Wasabi is used to store data across a wide range of industries, including professional sports, energy and natural resources, finance, surveillance, education, manufacturing, consumer technology, healthcare, scientific research, and media and entertainment.

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