Hot cloud storage provider, Wasabi, has announced the close of a $68 million Series B financing round. The vendor bypassed conventional venture capital financing and instead raised money from family offices and industry veterans. The investment is likely in response to the fact that Wasabi acquired over 3,000 customers across various industries in just over a year.
The co-founder and CEO of Wasabi, David Friend stated, “the Series B financing will allow Wasabi to expand internationally, continue to invest in our brand, and enable us to compete for the largest storage deals in the world. Our objective is to make Wasabi into one of the world’s most renowned cloud storage vendors. Everyone needs to store data and storage is fundamental to everything that is going on with media and entertainment, surveillance, genomics, scientific research, social media, and IoT. We are cloud storage experts – our team has been doing it since 2005 when we found Carbonite. Our investors recognize that Wasabi is a technical tour de force that gives us a sustainable advantage in a market that is doubling every two years. Fueled by our new funding from prominent entrepreneurs, financiers, and family offices, Wasabi will go global this year and cloud storage will become a utility like bandwidth or electricity – it will be cheap, fast, and available everywhere. The round includes our first foreign investor, Forestay Capital, the tech fund of Swiss entrepreneur, Ernesto Bertarelli. The round also includes the investment arms of other family offices.”
Later this year, Wasabi will open its first European data center. The provider’s second data center is located in Portland, Oregon, and is currently supporting users in Asia. In the past six months, Wasabi has released a range of tools, including a cloud storage offering with unlimited free egress, Wasabi Direct Connect, and an ecosystem of more than 100 partners who are integrating their solutions via Wasabi’s open API.
Frederic Wohlwend, the managing partner of Forestay Capital, also discussed the investment, stating, “we have a constant appetite for recognizing major market trends, and there’s no doubt that data is moving to the cloud. Wasabi’s groundbreaking technology and first-rate management team provide a great way to invest in the future of storage. Through our group’s deep background in healthcare, we have seen the huge growth of data storage requirements first hand, including for medical images, genomic research, and more. Wasabi has a compelling advantage and opportunity to become a global game changer and its base on the East Coast is also in line with our goal to invest capital in that region’s tech sector.”
To read Wasabi’s full press release, click here.