{"id":484023,"date":"2021-04-29T07:04:54","date_gmt":"2021-04-29T11:04:54","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/wasabi-secures-112m-series-c-financing-sets-sights-on-global-expansion-and-company-growth\/"},"modified":"2021-04-29T07:04:54","modified_gmt":"2021-04-29T11:04:54","slug":"wasabi-secures-112m-series-c-financing-sets-sights-on-global-expansion-and-company-growth","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/wasabi-secures-112m-series-c-financing-sets-sights-on-global-expansion-and-company-growth\/","title":{"rendered":"Wasabi Secures $112M Series C Financing, Sets Sights on Global Expansion and Company Growth"},"content":{"rendered":"

\nWasabi triples valuation as it continues to establish first hyperscale cloud storage architecture
\n<\/h2>\n
\n

Boston, MA, April 29, 2021 (GLOBE NEWSWIRE) — \u00a0Wasabi<\/a>, the\u00a0hot cloud storage company<\/a>, today announced $112M in Series C funding led by Fidelity Management & Research Company with participation from existing investors. The round follows Wasabi\u2019s\u00a0$27.5M in debt financing announced in January<\/a>. The C round brings Wasabi\u2019s total equity financing to $219 million.<\/p>\n

The valuation of the C round was roughly triple the\u00a0valuation of the company\u2019s most recent equity round<\/a>, which closed almost exactly one year ago. Wasabi\u2019s revenue and storage under management has also tripled in the last year with deployed storage recently passing one exabyte. The company has 22,000 customers worldwide, and Wasabi\u2019s channel network more than doubled to over 5,000 partners worldwide. The company has data centers in the US, Europe and Japan.<\/p>\n

Proceeds from this funding will be used to expand the company\u2019s network of resellers, technology alliance partners, and distributors, open data centers in many new international markets, and to significantly grow its internal team across all fronts including development, sales, support, marketing, administration and operations. The company will also use the proceeds to make further investments in building its brand internationally and providing additional marketing support for its channel partners.<\/p>\n

\u201cThis new funding is a watershed event for Wasabi,\u201d said Wasabi CEO & Co-Founder David Friend. \u201cWith revenues tripling for each of the last 3 years and over $100M of new investment led by one of the world\u2019s largest and most prestigious financial institutions, our customers will know that their data is in the hands of a reliable, fast-growing company with the substantial resources to meet their growing needs. Storing the world\u2019s data in the cloud is one of the biggest opportunities in the IT industry, and we are now well-positioned to secure a leadership role in the evolution of the cloud. We will continue to invest in our proprietary software, grow our channel, enhance our brand and expand storage capacity around the world.\u201d<\/p>\n

Wasabi is redefining the way businesses think about cloud storage by offering a solution that is 1\/5th the cost of Amazon S3, has zero fees for egress or API requests and requires no vendor lock-in. With cloud data storage\u00a0growing 60% year over year<\/a>, low-cost, highly reliable and infinitely scalable cloud storage is in demand by a wide range of organizations. It\u2019s an ideal product for the channel because every organization needs to store data, it\u2019s simple to learn to sell, and channel partners enjoy healthy margins. Wasabi\u2019s rapidly expanding customer base stores every imaginable type of data ranging from backups, DR and archiving to surveillance, medical imaging, big science, education, genomics, AI\/ML data lakes, television, movies and government data.<\/p>\n

\u201cThe cloud IaaS market has experienced tremendous growth over the last year, primarily fueled by businesses\u2019 needs to support new ways of working, while also delivering more digital goods and services to customers.\u201d said Andrew Smith, Research Manager, Cloud Infrastructure Services at IDC. \u201cAs cloud data migrations and hybrid cloud adoption continues to accelerate, Wasabi is well-positioned to deliver IaaS storage solutions that meet buyer needs for consistent, transparent pricing, as well as integration across multiple cloud and on-premises storage environments.\u201d<\/p>\n

J.P. Morgan Securities LLC served as lead placement agent and Lincoln International served as a co-placement agent to Wasabi in connection with this funding. Foley & Lardner served as counsel to the company.<\/p>\n

For more information on Wasabi\u2019s hot cloud storage, please visit\u00a0Wasabi.com<\/a>.<\/p>\n

\n About Wasabi<\/strong>\n <\/p>\n

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 at 1\/5th the price of the competition with no complex tiers or unpredictable egress fees. Trusted by tens of thousands of customers worldwide, Wasabi has been recognized as one of technology\u2019s fastest-growing and most visionary companies. Created by Carbonite co-founders and cloud storage pioneers David Friend and Jeff Flowers, Wasabi has secured nearly $250 million in funding to date and is a privately held company based in Boston.<\/p>\n

Follow and connect with Wasabi on\u00a0Twitter<\/a>,\u00a0Facebook<\/a>,\u00a0Instagram<\/a>\u00a0and our\u00a0blog<\/a>.<\/p>\n

\n
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\n \n <\/div>\n

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Nick Brown\r\nInkHouse for Wasabi\r\nwasabi@inkhouse.com\r\n<\/pre>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"
Wasabi triples valuation as it continues to establish first hyperscale cloud storage architecture Boston, MA, April 29, 2021 (GLOBE NEWSWIRE) — \u00a0Wasabi, the\u00a0hot cloud storage company, today announced $112M in Series C funding led by Fidelity Management & Research Company with participation from existing investors. The round follows Wasabi\u2019s\u00a0$27.5M in debt financing announced in January. The C round brings Wasabi\u2019s total equity financing to $219 million. The valuation of the C round was roughly triple the\u00a0valuation of the company\u2019s most recent equity round, which closed almost exactly one year ago. Wasabi\u2019s revenue and storage under management has also tripled in the last year with deployed storage recently passing one exabyte. The company has 22,000 customers worldwide, and Wasabi\u2019s channel network … <\/p>\n
Continue reading “Wasabi Secures $112M Series C Financing, Sets Sights on Global Expansion and Company Growth”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-484023","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nWasabi Secures $112M Series C Financing, Sets Sights on Global Expansion and Company Growth - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/wasabi-secures-112m-series-c-financing-sets-sights-on-global-expansion-and-company-growth\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wasabi Secures $112M Series C Financing, Sets Sights on Global Expansion and Company Growth - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Wasabi triples valuation as it continues to establish first hyperscale cloud storage architecture Boston, MA, April 29, 2021 (GLOBE NEWSWIRE) — \u00a0Wasabi, the\u00a0hot cloud storage company, today announced $112M in Series C funding led by Fidelity Management & Research Company with participation from existing investors. The round follows Wasabi\u2019s\u00a0$27.5M in debt financing announced in January. The C round brings Wasabi\u2019s total equity financing to $219 million. The valuation of the C round was roughly triple the\u00a0valuation of the company\u2019s most recent equity round, which closed almost exactly one year ago. Wasabi\u2019s revenue and storage under management has also tripled in the last year with deployed storage recently passing one exabyte. 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