Boston, United States:
Wasabi Technologies, the scorching cloud storage firm, at present introduced it has achieved unicorn standing following $250 million in new funding. Wasabi raised $125 million in Series D fairness led by L2 Point Management with participation from Cedar Pine; an affiliate of Cerberus Capital Management; and returning traders together with Fidelity Management & Research Company and Forestay Capital, bringing the firm’s valuation to over $1.1 billion. Wasabi additionally expanded its present debt facility with MGG Investment Group to $125 million. Barclays acted as sole placement agent on the transaction.
Wasabi offers quick, reasonably priced, and extremely dependable cloud knowledge storage for companies throughout the world at 1/5th the price of giant hyperscale suppliers or on-premises storage, with no prices for egress or API requests and no advanced tiering. The firm’s revenues greater than doubled from 2020-2021, and Wasabi now has greater than 40,000 prospects in over 100 international locations, 13,000 companions, 250+ world staff and 13 storage areas throughout North America, Europe, and Asia Pacific. The new fairness will drive enlargement into further vertical markets and geographies, improve Wasabi’s channel partnerships, and scale the firm’s go-to-market workforce and world model methods. Meanwhile, the debt can be used to finance capital tools and infrastructure in Wasabi’s storage areas round the world, and to make investments in Wasabi’s know-how capabilities to lay the groundwork for a brand new technology of cloud storage structure.
“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,” mentioned David Friend, co-founder and CEO of Wasabi Technologies.
Kerstin Dittmar, managing companion of lead investor L2 Point, will be part of 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,” mentioned Dittmar.
“We are proud to partner with Wasabi to provide innovative solutions in cloud storage and security,” added Sam Barnett, PhD, govt chairman of Cedar Pine. “The importance of Wasabi’s technology is increasing in every industry.”
Kevin Griffin, CEO of MGG Investment Group, additionally commented, “We seek to partner with best-in-class entrepreneurs and companies and are excited to continue supporting Wasabi Technologies and their global expansion.”
In addition to the industry-leading efficiency of Wasabi scorching cloud storage, the firm companions with over 350 know-how firms, together with most of the world’s main backup, catastrophe restoration, and surveillance firms. Wasabi is used to retailer knowledge throughout a variety of industries, together with skilled sports activities, vitality and pure assets, finance, surveillance, training, manufacturing, client know-how, healthcare, scientific analysis, and media and leisure.
“As our data needs continue to evolve, from player analytics, IoT, digital assets and even security, this presents an enormous learning opportunity for the organization,” mentioned Brian Shield, senior vice chairman and CTO of the Boston Red Sox. “Wasabi provides a cost-effective cloud-based solution that enables us to retrieve content quickly and improve the level of video analysis and production we do here at the Red Sox.”
To study extra about how Wasabi is storing the world’s knowledge, go to wasabi.com.
About Wasabi Technologies
Wasabi offers easy, predictable and reasonably priced scorching cloud storage for companies throughout the world. It allows organizations to retailer and immediately entry an infinite quantity of knowledge at 1/fifth the worth of the competitors with no advanced tiers or unpredictable egress charges. Trusted by tens of 1000’s of prospects worldwide, Wasabi has been acknowledged as one of know-how’s fastest-growing and most visionary firms. Created by Carbonite co-founders and cloud storage pioneers David Friend and Jeff Flowers, Wasabi is a privately held firm primarily based in Boston. Wasabi is a Proud Partner of the Boston Red Sox, and the Official Cloud Storage Partner of Liverpool Football Club and the Boston Bruins.
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About L2 Point Management
L2 Point Management (“L2 Point”) is a San Francisco primarily based funding agency offering revolutionary capital options for progress firms. With experience throughout the capital construction, L2 Point works to deal with a typical concern of late-stage firms at present: the lack of an alternate price of capital product between extremely dilutive progress fairness and operationally restrictive debt. For extra data, please go to: www.L2-Point.com.
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