Hot cloud storage provider Wasabi triples valuation with an equity investment led by Fidelity
Lincoln represented Wasabi on this financing round led by Fidelity Management & Research Company with participation from existing investors. Proceeds from this round bring Wasabi’s total equity financing to $219 million and will be used to expand the company’s network of channel partners, open new data centers internationally, invest in Wasabi’s brand internationally and meaningfully grow development and operations. This represents Lincoln’s second successful growth financing announced for Wasabi in 2021.
As Wasabi’s co-placement agent, Lincoln worked closely with Wasabi on all aspects of the transaction helping to market and negotiate the equity financing. David Friend, Chief Executive Officer and Co-founder of Wasabi, said, “This new funding is a watershed event for Wasabi. With revenues tripling for each of the last three years and over $100 million 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.”
Roger Knight, Managing Director at Lincoln, added, “We are excited to have represented Wasabi again, this time on their Series C round. High-growth subscription businesses such as Wasabi continue to raise significant growth capital pre-initial public offering from traditional public equity investors such as Fidelity, and we look forward to seeing Wasabi further accelerate its growth.”
Wasabi provides simple, predictable and affordable hot cloud storage for businesses all over the world. It enables organizations to store and instantly access an infinite amount of data at one-fifth of the price of the competition with no complex tiers or unpredictable egress fees. Trusted by tens of thousands of customers worldwide, Wasabi has been recognized as one of technology’s fastest-growing and most visionary companies. Created by Carbonite co-founders and cloud storage pioneers David Friend and Jeff Flowers, Wasabi has secured nearly $250 million in funding to date and is a privately held company based in Boston, Massachusetts.
The Lincoln team continues to be a trusted advisor to Wasabi in solving the financing needs of our growth strategy, evidenced by their role on both successful debt and equity financings announced this year.
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