Wasabi Technologies, a US-based cloud storage company, has announced that it has achieved unicorn status following $250 million in new funding and is expanding into new vertical markets and geographies, including Southeast Asia and Australia.
Wasabi raised $125 million in a Series D equity round led by L2 Point Management with participation from Cedar Pine; an affiliate of Cerberus Capital Management; and returning investors, including Fidelity Management & Research Company and Forestay Capital, bringing the company’s valuation to over $1.1 billion.
In addition, the company also extended its existing debt facility with MGG Investment Group to $125 million.
Created by Carbonite co-founders and cloud storage pioneers David Friend and Jeff Flowers, Wasabi is a privately held company based in Boston.
The company provides fast, affordable and highly reliable cloud data storage for businesses all over the world. The company’s revenues more than doubled from 2020- 21, and it now has more than 40,000 customers across more than 100 countries, 13,000 partners, 250+ global employees and 13 storage regions in North America, Europe and the Asia-Pacific.
The new equity will drive expansion into additional vertical markets and geographies, enhance Wasabi’s channel partnerships and scale the company’s go-to-market team and global brand strategies.
Meanwhile, the debt will be used to finance capital equipment and infrastructure in Wasabi’s storage regions around the world and to invest in Wasabi’s technology capabilities to lay the groundwork for a new generation of cloud storage architecture.
Following the funding round, Kerstin Dittmar, managing partner of lead investor L2 Point, will join Wasabi’s board of directors.
L2 Point Management is a San Francisco-based investment firm providing innovative capital solutions for growth companies. L2 Point works to address a common concern of late-stage companies today: the lack of an alternative cost of capital product between highly dilutive growth equity and operationally restrictive debt.