Wasabi, a start-up based in Boston, announced $112 million in Series C funding for its cloud-based, object storage service.
Wasabi is offering a cloud storage service claimed to be 1/5th the cost of Amazon S3, with zero fees for egress or API requests.
Wasabi said its revenue and storage under management has also tripled in the last year with deployed storage recently passing one exabyte. The company has 22,000 customers worldwide, and Wasabi’s channel network more than doubled to over 5,000 partners worldwide. The company has data centers in the US, Europe and Japan.
The new funding was led by Fidelity Management & Research Company with participation from existing investors. The round follows Wasabi’s $27.5M in debt financing announced in January. The C round brings Wasabi’s total equity financing to $219 million.
“This new funding is a watershed event for Wasabi,” said Wasabi CEO & Co-Founder David Friend. “With revenues tripling for each of the last 3 years and over $100M of new investment led by one of the world’s largest and most prestigious financial institutions, our customers will know that their data is in the hands of a reliable, fast-growing company with the substantial resources to meet their growing needs. Storing the world’s data in the cloud is one of the biggest opportunities in the IT industry, and we are now well-positioned to secure a leadership role in the evolution of the cloud. We will continue to invest in our proprietary software, grow our channel, enhance our brand and expand storage capacity around the world.”
Wasabi was started by co-founders David Friend and Jeff Flowers, who previously collaborated on the founding of five other successful tech companies. Their previous venture is Carbonite, a consumer service that backs up hundreds of millions of new files every day using technology that Jeff and David’s team created.
