Wasabi refers to its approach as ‘hot’ cloud storage, meaning that it eliminates storage tiers, treating all data the same and allowing fast access thanks to being made readily accessible. Some of its 15,000 customers include Legendary Entertainment, Netgear and Penn State University.
The company has raised almost $120mn across nine funding rounds since its foundation in 2017. Its latest Series B round saw the company receive $30mn from lead investor Forestay Capital alongside participation from previous investors.
In an extremely difficult funding market, we’ve been able to raise money at a significant uptick in valuation,” said David Friend, Wasabi’s CEO and co-founder in a press release. “We focus 100% of our attention on doing one thing really, really well: storing data in the cloud. Our investors recognize the power of our business model and the virtually limitless market opportunity that we are addressing.”
Wasabi claims that its pricing model represents a fifth of the cost of legacy cloud storage offerings, with its product going up against competitors including Amazon S3, Microsoft Azure and Google Cloud Platform
“In just three years, Wasabi has harnessed the complex technology that powers its storage and built a strong distribution channel in record time,” said Frederic Wohlwend, Managing Partner of Forestay Capital. “Technology decision-makers don’t want to be locked into a single cloud ecosystem — they want choice, and Wasabi is empowering them to choose limitless storage at an unbeatable price. We are proud to be leading this financing round, and excited by the company’s future prospects.”
Wasabi said that, thanks to the global acceleration of cloud migration, it was now storing four times the amount of data compared to the same period last year, with 2019 seeing a five times increase in revenue growth, year-over-year.