Cloud storage firm Wasabi Technologies raises $125 million

Wasabi Technologies, a cloud storage company, has raised $125 million in 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.
VC funding for techWasabi expanded its existing debt facility with MGG Investment Group to $125 million. Barclays acted as sole placement agent on the transaction.

Wasabi provides cloud data storage for businesses at 1/5th the cost of large hyperscale providers or on-premises storage, with no charges for egress or API requests and no complex tiering.

Wasabi has more than 40,000 customers in over 100 countries, 13,000 partners, 250+ global employees and 13 storage regions across North America, Europe, and Asia Pacific.

Wasabi will use the new equity for 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. Wasabi said it will use the debt to finance capital equipment and infrastructure in Wasabi’s storage regions.