Wasabi Technologies, a United States-based hot cloud storage company, announced Wednesday it has achieved unicorn status following $250 million in new funding.

Wasabi Technologies said in a statement it 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, bringing the company’s valuation to over $1.1 billion.

Wasabi Technologies also expanded its existing debt facility with MGG Investment Group to $125 million.

According to the statement, the new equity will drive expansion into additional vertical markets and geographies, enhance Technologies’ channel partnerships, and scale the company’s go-to-market team and global brand strategies.

Meanwhile, the debt will be used to finance capital equipment and infrastructure in Technologies’ storage regions around the world, and to invest in its technology capabilities to lay the groundwork for a new generation of cloud storage architecture.

“Closing a large up round in this environment speaks to the spectacular growth of Wasabi, the magnitude of the cloud storage opportunity, and our leadership as the industry’s largest pure-play cloud storage vendor,

“At Wasabi we focus on just one thing: cloud storage. We do it better than anyone else in the industry. Because of this singular focus, our team has achieved best in class performance and security at the lowest prices in the industry.” said David Friend, Co-Founder and Chief Executive Officer of Wasabi Technologies.

Wasabi Technologies provides fast, affordable, and highly reliable cloud data storage for businesses all over the world 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,

The company’s revenues more than doubled from 2020 to 2021, and now 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.

Kerstin Dittmar, Managing Partner of lead investor L2 Point, will join Wasabi Technologies Board of Directors.

“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,” said Dittmar.

In addition to the industry leading performance of Wasabi hot cloud storage, Wasabi Technologies partners with over 350 technology companies, including most of the world’s leading backup, disaster recovery, and surveillance companies. Wasabi is used to store data across a wide range of industries, including professional sports, energy and natural resources, finance, surveillance, education, manufacturing, consumer technology, healthcare, scientific research, and media and entertainment.

“We are proud to partner with Wasabi to provide innovative solutions in cloud storage and security. The importance of Wasabi Technologies’ technology is increasing in every industry,” said Sam Barnett, Executive Chairman of Cedar Pine.

Kevin Griffin, Chief Executive Officer of MGG Investment Group also commented, the firm seeks to partner with best in class entrepreneurs and companies and is excited to continue supporting Wasabi Technologies and its global expansion.

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