Wasabi Technologies Raises $250 Million as it Expands to Take on AWS, Microsoft, and Google

As digital transformation continues to reshape the world, cloud storage is as popular as ever — and Wasabi Technologies is poised to strike. The Boston-based cloud storage provider has announced its latest financing round, in which it has raised $250 million in a combination of debt and series D equity funding. It plans to use the equity portion to expand into additional vertical markets and regions, strengthen channel partnerships, and scale its go-to-market team and strategies. As for the debt, the company intends to use it for financing capital infrastructure and expanding its technology’s capabilities with new features and industry-specific solutions.

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Wasabi is the innovator of Hot Cloud Storage, a universal, one-size-fits-all cloud object storage environment that is significantly faster than traditional frequent-access storage services. Thanks to its pay-as-you-go and reserved storage subscription models, its products are more affordable than those of its rivals, including “hyperscalers” AWS S3, Microsoft Azure, and Google Cloud Platform. It sets itself apart from the competition with its singular focus on cloud storage, according to CEO David Friend.

The company has grown exponentially since its launch in 2017, attracting more than 40,000 organizations from around the world, 13,000 global partners, and 13 storage regions across North America, Asia-Pacific, and Europe.