Hot cloud storage company Wasabi Technologies has secured $250 million in new funding bringing its valuation to over $1.1 billion. The fresh commitments include a series D equity 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.
The company also expanded its existing debt facility with MGG Investment Group to $125 million.
Wasabi specializes in providing cloud data storage for businesses at a low cost, with no charges for egress or API requests. Its revenues more than doubled from 2020-2021 and has now more than 40,000 customers.
The company said the new equity will drive expansion into additional vertical markets and geographies, enhance its channel partnerships, and scale the its go-to-market team and global brand strategies.
Kerstin Dittmar, Managing Partner at L2 Point, said: “Wasabi provides a game-changing product that offers customers a simpler, faster, and significantly more economical solution to their cloud data storage needs. We believe this capital raise will allow Wasabi to continue to expand its offering across additional services and geographies to meet their global customers’ needs.”
Barclays acted as sole placement agent on the transaction.