Total amount raised
$549.1 Millions
Latest funding date
12/01/2022
Location
Wasabi Technologies has successfully raised significant funding over multiple rounds, positioning itself as a competitive player in the cloud storage market. The company offers a range of innovative products, including Wasabi Hot Cloud Storage and Wasabi AiR, designed to provide affordable, predictable, and secure storage solutions.
Keep reading to explore the intricacies of Wasabi Technologies' fundraising journey and the investors backing this innovative platform.
What Is Wasabi Technologies?
Wasabi Technologies specializes in cloud storage solutions, offering affordable, predictable, simple, and secure services. Their product lineup includes Wasabi Hot Cloud Storage, Wasabi AiR, and Wasabi Surveillance Cloud, catering to diverse use cases such as backup and recovery, active archiving, media workflows, surveillance, and AI/ML.
Founded by industry veterans, Wasabi aims to make data storage accessible and cost-effective, eliminating hidden fees and providing robust security features. The company supports resellers and integration partners to expand their market reach, ensuring that users can store more data and do more with it without worrying about high costs.
How Much Funding Has Wasabi Technologies Raised?
- Series B
- Amount Raised: $68M
- Date: September 2018
- Lead Investors: Forestay Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their cloud storage solutions and increase market penetration.
- Series B
- Amount Raised: $30M
- Date: May 2020
- Lead Investors: Forestay Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and development of new products.
- Series C
- Amount Raised: $112M
- Date: April 2021
- Lead Investors: Fidelity
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate global expansion and enhance product offerings.
- Series C
- Amount Raised: $25M
- Date: May 2021
- Lead Investors: Prosperity7 Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and support international growth.
- Debt Financing
- Amount Raised: $27.5M
- Date: January 2021
- Lead Investors: MGG Investment Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional working capital for business operations.
- Series D
- Amount Raised: $125M
- Date: September 2022
- Lead Investors: L2 Point
- Valuation at Round: $1.1 billion
- Motivation Behind the Round: To accelerate the global scale of Wasabi's cloud storage services.
- Debt Financing
- Amount Raised: $125M
- Date: September 2022
- Lead Investors: MGG Investment Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's financial stability and growth initiatives.
- Series D
- Amount Raised: $15M
- Date: December 2022
- Lead Investors: Azura Partners, SiS Distribution Thailand
- Valuation at Round: $1.1 billion
- Motivation Behind the Round: To complete the Series D funding and further expand global operations.
Total Amount Raised: Over $500 million. Current Valuation: $1.1 billion.
Key Investors
Here are some of the major investors in Wasabi Technologies:
- Azura Partners
- Details: Azura Partners is a venture capital firm that invests in early-stage technology companies. They focus on providing strategic support and capital to help startups scale.
- Investment Focus Areas: Technology, Cloud Computing, AI
- Notable Investments: Wasabi Technologies, [Other notable investments not available]
- SiS Distribution Thailand
- Details: SiS Distribution Thailand is a leading IT distributor in Thailand, providing a wide range of IT products and services. They have a strong presence in the Southeast Asian market.
- Investment Focus Areas: IT Distribution, Cloud Services, Consumer Electronics
- Notable Investments: Wasabi Technologies, [Other notable investments not available]
- Prosperity7 Ventures
- Details: Prosperity7 Ventures is the diversified growth fund of Aramco Ventures, focusing on transformative technologies and innovative business models. They aim to support companies that can create significant impact.
- Investment Focus Areas: Energy, Technology, Healthcare
- Notable Investments: Wasabi Technologies, [Other notable investments not available]
- L2 Point
- Details: L2 Point is a private equity firm that invests in growth-stage companies. They provide both capital and strategic guidance to help businesses expand and achieve their goals.
- Investment Focus Areas: Technology, Healthcare, Financial Services
- Notable Investments: Wasabi Technologies, [Other notable investments not available]
- MGG Investment Group
- Details: MGG Investment Group is a private investment firm that provides customized financing solutions to middle-market companies. They focus on creating value through strategic partnerships.
- Investment Focus Areas: Middle-Market Companies, Debt Financing, Growth Capital
- Notable Investments: Wasabi Technologies, [Other notable investments not available]
What's Next for Wasabi Technologies?
Wasabi Technologies is poised for significant growth as it continues to expand its cloud storage services globally. With a strong customer base that includes high-profile clients like the Boston Red Sox and Liverpool Football Club, the company is well-positioned to leverage its innovative Cloud Sync Manager to attract more customers from expensive hyperscale environments. The recent $140 million Series D funding round, which brought the company's valuation to $1.1 billion, underscores the market's confidence in Wasabi's potential.
Future fundraising opportunities are likely as Wasabi aims to further scale its operations and enhance its technological capabilities. The company may pursue additional equity rounds or debt facilities to support its aggressive growth plans. However, Wasabi will need to navigate challenges such as competition from established cloud storage providers and the complexities of rapid global expansion, including regulatory compliance and infrastructure development.
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