Wasabi’s $112M Series C Funding

Foley & Lardner LLP advised Wasabi on the deal.

Wasabi, the hot cloud storage company, today announced $112M in Series C funding 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.

The valuation of the C round was roughly triple the valuation of the company’s most recent equity round, which closed almost exactly one year ago. Wasabi’s 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

Proceeds from this funding will be used to expand the company’s network of resellers, technology alliance partners, and distributors, open data centers in many new international markets, and to significantly grow its internal team across all fronts including development, sales, support, marketing, administration and operations. The company will also use the proceeds to make further investments in building its brand internationally and providing additional marketing support for its channel partners.

J.P. Morgan Securities LLC served as lead placement agent and Lincoln International served as a co-placement agent to Wasabi in connection with this funding. Foley & Lardner served as counsel to the company.

The Foley deal team included Susan Pravda (Picture), Michael Callahan and E.J. Risley Jr.

Involved fees earner: Michael Callahan – Foley & Lardner LLP; Susan Pravda – Foley & Lardner LLP; Eric Risley Jr – Foley & Lardner LLP;

Law Firms: Foley & Lardner LLP;

Clients: Wasabi;

Martina Bellini

Author: Martina Bellini