Wasabi Raises $27.5M in Debt Financing

Image Source : https://wasabi.com/

According to the company, Cloud storage company Wasabi has reported that it has raised $27.5 million in debt funding from MGG Investment Group to strengthen the company's infrastructure, construct additional data centers in new geographies, and attract new customers release.

In connection with the funding, Lincoln International acted as financial advisor to Wasabi.

This investment follows the company's $30 million equity round in April 2020, taking Wasabi's total funding up to almost $140 million since its founding. In 2020, Wasabi's overall storage capacity increased by 150 percent. The company said annual sales increased by more than 3 percent over 2019, and its customer base increased to more than 21,000 companies, educational institutions, municipalities, and technology service providers worldwide.

Wasabi Offers Amazon S3 Alternative

Wasabi provides a hot cloud storage alternative to Amazon Web Services (AWS), with access to bottomless storage space that the company claims costs one-fifth the cost of Amazon S3, is faster than its rivals, and is available without payments for egress or API requests or vendor lock-in, according to the release.

In this ChannelE2E video interview, conducted on May 26, 2020, David Friend, Wasabi co-founder, and CEO, explains its technology, MSP partner strategy, and business momentum.

Wasabi said that its growth is driven by more than 4,000 channel partners and 350 technology partners and the ongoing penetration of new geographies and markets that this investment would support.

Wasabi Funding: Executive Commentary

"Our transformational deal with MGG marks Wasabi's first major institutional debt round, an important milestone for our company and mission as we continue to roll out more data centers and bring our unique solutions to more customers around the world," said Friend.

"Our transformational deal with MGG marks Wasabi's first major institutional debt round, an important milestone for our company and mission as we continue to roll out more data centers and bring our unique solutions to more customers around the world," said Friend. "MGG has distinguished itself through the company's strong track record of working with businesses to create lasting value, as well as the team's awareness of our business model and growth potential. This funding provides our business with stable, long-term help to fuel our rapid growth, and we look forward to a fruitful relationship with MGG in the years to come."

"While migration to cloud storage is already well underway, the COVID-19 pandemic has accelerated this shift and demonstrated the need for increased remote data accessibility and storage," said Kevin Griffin, Chief Executive Officer and Chief Investment Officer of MGG. "Wasabi is a space disruptor, and its growth over the past year is a testimony to the company's outstanding technology and the strong consumer need for stable, unlimited, high-performance, high-value storage. We are pleased to have the opportunity to help Wasabi's global development, enabling cloud storage to become the next utility for all data-driven organizations."

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Wasabi Raises $27.5M in Debt Financing