Wasabi Technologies Closes $250M in Funding

Wasabi Technologies

Wasabi Technologies, a Boston, MA-based hot cloud storage company, raised $250M in 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. Kerstin Dittmar, managing partner of lead investor L2 Point, will join Wasabi’s Board of Directors. The company also expanded its existing debt facility with MGG Investment Group to $125 million.

The company intends to use the funds to drive expansion into additional vertical markets and geographies, enhance its channel partnerships, and scale its go-to-market team and global brand strategies. Meanwhile, the debt will be used to finance capital equipment and infrastructure in its storage regions around the world, and to invest in its technology capabilities to lay the groundwork for a cloud storage architecture.

Created by Carbonite co-founders and cloud storage pioneers David Friend and Jeff Flowers, Wasabi provides hot cloud storage for businesses. In addition, the company partners with over 350 technology companies, including most of the world’s 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. The company’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.