Wasabi With $30 Million Funding Round

Wasabi Technologies, Inc. closed a $30 million financing round led by Forestay Capital, the technology innovation arm of Waypoint Capital, with participation from start-up’s previous investors.

With this round, it has raised a total of $110 million.

Customers and partners are choosing firm’s high performance and predictable, budget-friendly pricing models over cloud storage solutions from Amazon S3 and other first gen cloud providers.

During this accelerated global migration to the cloud, the amount of new data Wasabi stores has grown by 4x over the same period last year. In 2019, it experienced 5x Y/Y revenue growth and tripled its customer base to nearly 15,000 organizations. it also grew its channel program to more than 2,300 partners during the program’s first 12 months. 
 
The funding will be used primarily to expand company’s infrastructure and capacity to meet growing global demand for storage in the $90 billion public cloud storage market. The firm plans to extend its hot cloud storage service to Canada and additional markets in Europe, APAC and Latin America through MSPs and other channel partners.  

“In an extremely difficult funding market, we’ve been able to raise money at a significant uptick in valuation,” said David Friend, CEO and co-founder. “We focus 100% of our attention on doing one thing really, really well: storing data in the cloud. Our investors recognize the power of our business model and the virtually limitless market opportunity that we are addressing.“

Wasabi is offers a predictable pricing model that is 1/5th the cost of legacy cloud storage offerings with no fees for egress or API requests.

“In just three years, Wasabi has harnessed the complex technology that powers its storage and built a strong distribution channel in record time,” said Frederic Wohlwend, managing partner, Forestay Capital. “Technology decision-makers don’t want to be locked into a single cloud ecosystem – they want choice, and Wasabi is empowering them to choose limitless storage at an unbeatable price. We are proud to be leading this financing round, and excited by the company’s future prospects.”