Wasabi Technologies, a Boston, MA-based hot cloud storage company, announced it has achieved unicorn status following $250 million in new funding, bringing the company's valuation to over $1.1 billion.
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.
Wasabi also expanded its existing debt facility with MGG Investment Group to $125 million. Barclays acted as the sole placement agent on the transaction.
The new equity will drive expansion into additional vertical markets and geographies, enhance Wasabi's channel partnerships, and scale the company's go-to-market team and global brand strategies.
Meanwhile, the debt will be used to finance capital equipment and infrastructure in Wasabi's storage regions worldwide 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," said 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.
Company: Wasabi Technologies, Inc.
Raised: $250.0M
Round: Series D, Debt Facility
Funding Month: September 2022
Lead Investors: L2 Point Management and MGG Investment Group
Additional Investors: Cedar Pine, Fidelity Management & Research Company, and Forestay Capital
Company Website: https://wasabi.com/
Software Category: Hot Cloud Storage
About the Company: Founded in 2015 by Carbonite co-founders David Friend and Jeff Flowers, Wasabi is a privately held company based in Boston. It enables organizations to store and instantly access an unlimited amount of data at 1/5th the competition's price, with no complex tiers or unpredictable egress fees. Trusted by tens of thousands of customers worldwide, Wasabi has been recognized as one of technology's fastest-growing and most visionary companies. Wasabi collaborates with 350 technology firms, including the world's biggest backup, disaster recovery, and surveillance organizations. Wasabi stores data in professional sports, energy and natural resources, finance, surveillance, education, manufacturing, consumer technology, healthcare, scientific research, and media and entertainment. Wasabi is a proud partner of the Boston Red Sox and the official cloud storage partner of Liverpool Football Club and the Boston Bruins.
Source: https://wasabi.com/press-releases/wasabi-technologies-closes-250-million-in-new-funding-to-usher-in-the-future-of-cloud-storage/