Top Private Equity News, Member Posts, Managed Futures Daily Indices and more!

2yrs ago Private Equity privateequitywire Views: 406

Wasabi Secures USD112m in Series C Financing

Submitted 30/04/2021 - 9:13am

Wasabi, the hot cloud storage company, has secured USD112 million in Series C funding led by Fidelity Management & Research Company with participation from existing investors. 

The round follows Wasabi’s USD27.5 million in debt financing announced in January. The C round brings Wasabi’s total equity financing to USD219 million. 

The valuation of the C round was roughly triple the valuation of the company’s most recent equity round, which closed almost exactly one year ago. Wasabi’s 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’s channel network more than doubled to over 5,000 partners worldwide. The company has data centres in the US, Europe and Japan.

Proceeds from this funding will be used to expand the company’s network of resellers, technology alliance partners, and distributors, open data centres 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.  

“This new funding is a watershed event for Wasabi,” says Wasabi CEO & Co-Founder David Friend. “With revenues tripling for each of the last three years and over USD100 million of new investment led by one of the world’s 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’s 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.” 

Wasabi is redefining the way businesses think about cloud storage by offering a solution that is one fifth the cost of Amazon S3, has zero fees for egress or API requests and requires no vendor lock-in. With cloud data storage growing 60 per cent year over year, low-cost, highly reliable and infinitely scalable cloud storage is in demand by a wide range of organisations. It’s an ideal product for the channel because every organisation needs to store data, it’s simple to learn to sell, and channel partners enjoy healthy margins.  Wasabi’s 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.  

“The cloud IaaS market has experienced tremendous growth over the last year, primarily fuelled by businesses’ needs to support new ways of working, while also delivering more digital goods and services to customers,” says Andrew Smith, Research Manager, Cloud Infrastructure Services at IDC. “As cloud data migrations, and hybrid cloud adoption continues to accelerate, Wasabi  is well positioned to deliver IaaS storage solutions which meet buyer needs for consistent, transparent pricing, as well as integration across multiple cloud and on-premises storage environments."

JP 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.

Like this article? Sign up to our free newsletter Tags Funds Launches & Fundraising

Today's Private Equity Headlines:

Log In for More
Access Over 250K+ Industry Headlines, Posts and Updates
Not a member yet?

Join AlphaMaven

The Premier Alternative Investment
Research and Due Diligence Platform for Investors

Free Membership for Qualified Investors and Industry Participants
  • Easily Customize Content to Match Your Investment Preferences
  • Breaking News 24/7/365
  • Daily Newsletter & Indices
  • Alternative Investment Listings & LeaderBoards
  • Industry Research, Due Diligence, Videos, Webinars, Events, Press Releases, Market Commentary, Newsletters, Fact Sheets, Presentations, Investment Mandates, Video PitchBooks & More!
  • Company Directory
  • Contact Directory
  • Member Posts & Publications
  • Alpha University Video Series to Expand Investor Knowledge
  • AUM Accelerator Program (designed for investment managers)
  • Over 450K+ Industry Headlines, Posts and Updates
ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.