Hot cloud storage company, Wasabi, recently announced it has closed a $30 million financing round led by Forestay Capital, the technology innovation arm of Waypoint Capital, along with participation from Wasabi’s previous investors. With this round, Wasabi has raised a total of $110 million. 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. Wasabi offers hot cloud storage for businesses across the globe. It enables organizations to store and instantly access an infinite amount of data, tier-free.
This funding will be primarily used 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 a press statement, David Friend, CEO and co-founder of Wasabi said, “in an extremely difficult funding market, we’ve been able to raise money at a significant uptick in valuation. We focus 100 percent 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.”
Frederic Wohlwend, Managing Partner of Forestay Capital also added, “in just three years, Wasabi has harnessed the complex technology that powers its storage and built a strong distribution channel in record time. 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.”
To learn more about Wasabi, click here.
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