New investment to drive Wasabi’s global expansion as it meets infinite data storage demands of $90B public cloud storage market
Boston, May 28, 2020 (GLOBE NEWSWIRE) — Wasabi, the hot cloud storage company, today announced it has closed a $30 million financing round led by Forestay Capital, the technology innovation arm of Waypoint Capital, with participation from Wasabi’s previous investors. With today’s round, Wasabi has raised a total of $110 million.
Customers and partners are emphatically choosing Wasabi’s high performance and predictable, budget-friendly pricing models over cloud storage solutions from Amazon S3 and other first generation 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, Wasabi experienced 5x year-over-year revenue growth and tripled its customer base to nearly 15,000 organizations. Wasabi 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 Wasabi’s infrastructure and capacity to meet growing global demand for storage in the $90 billion public cloud storage market. Wasabi plans to extend its hot cloud storage service to Canada and additional markets in Europe, APAC and Latin America through Managed Service Providers (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, Wasabi’s 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 changing the economics of the cloud with 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 of 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.”
About Forestay Capital:
Founded in 2017, Forestay invests in the tech sector and is focused on earlier stage novel, revenue-generating technology companies, in Europe, the USA and Israel, that challenge established models and the status-quo, primarily through software and data. It is part of Waypoint Capital, chaired by Ernesto Bertarelli, which supports a broad portfolio of leading investment businesses. (www.forestaycapital.com)
Wasabi provides simple, predictable and affordable hot cloud storage for businesses all over the world. It enables organizations to store and instantly access an infinite amount of data, tier-free and at 1/5th the price of competitors. Trusted by customers worldwide, Wasabi has been recognized as one of technology’s fastest growing and most visionary companies. Created by Carbonite co-founders and cloud storage pioneers David Friend and Jeff Flowers, Wasabi has secured $110 million in funding to date and is a privately held company based in Boston.
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