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- Wasabi Technologies
Wasabi Technologies Valuation, Funding & Investors
Wasabi Technologies is valued at $1.8B as of January 2026.
Last Wasabi Technologies valuation
$1.8B
Series E · Jan 2026
Last Wasabi Technologies funding round
$70M
Series E · Jan 2026
Cumulative funding Wasabi Technologies raised
$499M
across 11 funding rounds
Key investors in Wasabi Technologies
Alumni Ventures
Fidelity
Forestay Capital
Howard Cox
Prosperity7 Ventures
Sidecar Angels
About Wasabi Technologies
Wasabi Technologies is a Boston-headquartered provider of cloud object storage with no egress or API fees. Launched in 2017, its single-tier hot storage scales to exabytes for backup, archiving, media workflows, and AI/ML applications. Features include Wasabi AiR for AI-driven media tagging and transcription, plus Surveillance Cloud for video management systems. The platform secures data with multi-layered encryption, immutability, and global edge caching across 15 regions.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Usage-based, Subscription
Valuation
$1.8B (Jan 2026)
Wasabi Technologies Valuation
Wasabi Technologies is currently valued at $1.8B, based on its Series E in January 2026.
The $70M round was led by L2 Point, with participation from Fidelity and Everpure.
Wasabi Technologies' valuation has grown 2.6x from $700M at its Series C in April 2021 to $1.8B in January 2026, across 5 priced rounds.
Wasabi Technologies valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Jan 2026 | Series E | $1.8B |
| Sep 2025 | Undisclosed stage | $1.8B |
| Dec 2022 | Series D | $1.8B |
| Sep 2022 | Series D | $1.1B |
| Apr 2021 | Series C | $700M |
Wasabi Technologies Funding History
Wasabi Technologies has raised a total of $499M across 11 funding rounds.
Wasabi Technologies' first fundraising round was a $2M seed round in May 2016. The most recent completed round was a $70M Series E in January 2026.
Wasabi Technologies funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2026 | Series E | L2 Point (lead); Fidelity; Everpure | $70M | $1.8B | Wasabi Technologies, a Boston-based provider of hot cloud storage, announced a $70 million equity funding round on January 13, 2026, led by L2 Point Management with participation from Pure Storage and Fidelity Management & Research Company. The oversubscribed round elevated the company's post-money valuation to $1.8 billion, bringing total funding raised to over $600 million. Funds are allocated to expand AI-optimized infrastructure, grow global presence across more than 16 regions, and enhance products like Wasabi AiR for AI-powered metadata tagging and Wasabi Fire for compute-intensive AI/ML workloads. Wasabi positions itself as an affordable, predictable alternative to hyperscalers like AWS, focusing on no-egress-fee hot cloud storage for data-intensive applications including generative AI, autonomous systems, real-time inference, and media pipelines. The company emphasizes security features such as multi-user authorization and Covert Copy, a ransomware-resistant solution. CEO David Friend highlighted the funding as validation of Wasabi's market position amid surging AI-driven data growth. Investors cited Wasabi's innovation in high-performance, cost-effective storage critical for AI infrastructure, where storage underpins GPU-heavy workloads. L2 Point, which led a prior $250 million round in 2022, and new strategic partner Pure Storage deepen alliances to address enterprise and AI developer demands. This follows a $32.5 million raise in October 2025 focused on AI enhancements, underscoring sustained momentum in the AI storage market. |
| Sep 2025 | Undisclosed stage | - | $33M | $1.8B | Wasabi Technologies is a Boston-based provider of hot cloud storage, offering affordable, predictable, and secure alternatives to hyperscalers like AWS, with a focus on AI-first infrastructure. Its platform includes Wasabi AiR for AI-powered metadata tagging and Wasabi Fire, an NVMe-based storage class for compute-heavy AI/ML workloads such as model training, real-time inference, data logging, and media processing. The company manages over three exabytes of data across 16 global regions, serving customers in backup, cyber resilience, media and entertainment, enterprise IT, and AI, including iHeartMedia, Boston Red Sox, Liverpool Football Club, Toshiba, and Cornell University. In January 2026, Wasabi raised $70 million in an equity funding round led by L2 Point Management, with participation from Pure Storage and existing investor Fidelity Management & Research Company, achieving a post-money valuation of $1.8 billion. This brought total funding to over $600 million. Funds are allocated to expand AI infrastructure, extend global footprint, and enhance product portfolio amid surging data demands from enterprises and AI developers. Prior rounds include a Series D extension in December 2022 raising $15 million at $1.1 billion valuation, and a $32.5 million later-stage VC round in October 2025 focused on AI enhancements. The January 2026 round underscores investor confidence in Wasabi's position in AI-ready storage, positioning it against hyperscalers with low-cost, no-egress storage solutions. |
| Dec 2022 | Series D | Azura Partners (lead); SiS Distribution (lead); Prosperity7 Ventures | $15M | $1.8B | Wasabi Technologies is a cloud storage provider offering hot cloud storage at approximately one-fifth the cost of hyperscale providers like AWS, with no egress fees or API charges. The company provides fast, reliable data storage infrastructure for enterprises, backup and disaster recovery, media and entertainment, and other data-intensive sectors. In December 2022, Wasabi completed the final tranche of its Series D funding round, raising an additional $15 million from new investors Azura and SiS Cloud Global Tech Fund 8, alongside existing investor Prosperity7 Ventures. This brought the total Series D to $140 million and valued the company at $1.8 billion post-money, with cumulative funding exceeding $600 million. At the time of the December 2022 round, Wasabi managed data for over 40,000 customers globally, including the Boston Red Sox and Liverpool Football Club, operated 13 storage regions across North America, Europe, and Asia Pacific, and employed 250+ staff with a partner ecosystem of 14,000 companies. The company had achieved year-over-year revenue doubling and was recognized on Deloitte's Fast 500 list of fastest-growing North American technology companies. |
| Sep 2022 | Series D | L2 Point (lead); Cedar Pine; Forestay Capital; Fidelity; Cerberus Capital Management | $125M | $1.1B | - |
| May 2021 | Series C | Prosperity7 Ventures (lead); Western Digital Capital | $25M | - | Wasabi Technologies is a cloud storage company offering low-cost, high-performance hot cloud storage at about 1/5th the cost of hyperscale providers, with no egress or API fees and no tiering complexity. On May 20, 2021, it raised an additional $25 million led by Prosperity7 Ventures, with participation from Western Digital Capital, extending its Series C round to a total of $137 million and bringing cumulative equity funding to $244 million. The funds supported global data center expansion, distribution channels, partner networks, and team growth amid 3x year-over-year growth, 23,000 customers, over 5,000 channel partners, and 350 technology alliance partners. a $112 million Series C in April/May 2021 at an estimated $700 million valuation per one source, Series D equity of $125 million in September 2022 at $1.1 billion valuation, a $15 million Series D extension in December 2022 maintaining $1.1 billion, and subsequent raises including $70 million in January 2026 at $1.8 billion. The company focused on data-intensive industries like energy and AI, enabling cost reductions of 75% or more to support AI applications. By later stages, Wasabi grew to over 40,000 customers including Boston Red Sox and Liverpool FC, 250+ employees, 13 storage regions, and a partner ecosystem of 14,000, primarily backup, disaster recovery, and surveillance firms. Revenue doubled year-over-year by late 2022, earning a Deloitte Fast500 ranking. Recent products like Cloud Sync Manager aided migrations from hyperscalers like AWS. |
| Apr 2021 | Series C | Fidelity (lead); Sidecar Angels; Alumni Ventures | $112M | $700M | - |
| May 2020 | Series B | Forestay Capital (lead); Ethos Family Office; Desert Angel; Ronald Skates; Alumni Ventures; Howard Cox; Gururaj Deshpande | $30M | - | Wasabi Technologies, founded in 2017 by Carbonite co-founders David Friend and Jeff Flowers, provides hot cloud storage that offers simple, predictable, affordable, tier-free access to data at one-fifth the price of competitors like Amazon, Google, and Microsoft. The company targets businesses needing limitless, high-performance storage without vendor lock-in. On May 28, 2020, Wasabi closed a $30 million financing round, described as a Series B extension, led by Forestay Capital with participation from existing investors including Alumni Ventures, Desert Angel, Ethos Family Office, Gururaj Deshpande, Howard Cox, and Ronald Skates. This brought total funding to $110 million, following a $68 million Series B tranche in 2018 also led by Forestay, and earlier seed rounds of $1.9 million and $6.3 million in 2016. Proceeds from the 2020 round were allocated to expand Wasabi's hot cloud storage service into international markets, building on explosive growth and a strong distribution channel established in three years. Forestay Capital, the tech investment arm of Waypoint Capital, highlighted Wasabi's innovative model empowering choice in cloud ecosystems with unbeatable pricing. NTT Docomo is among prior investors. Wasabi positioned itself against hyperscale cloud giants by focusing on revenue-generating tech challenging established models. |
| Sep 2018 | Series B | Forestay Capital (lead); EQx Fund; Rocketship.vc; Ernesto Bertarelli; DVI Equity Partners | $68M | - | Wasabi Technologies, founded in 2017 by David Friend and Jeff Flowers, provides hot cloud storage that offers affordable, fast, and secure data storage without traditional tiering, positioning itself as a cost-effective alternative to hyperscalers like Amazon, Google, and Microsoft. The company closed a $68 million Series B funding round on September 12, 2018, led by Forestay Capital (the tech fund of Swiss entrepreneur Ernesto Bertarelli), with participation from industry veterans and family offices including investment vehicles tied to DVI Equity Partners, EQx Fund, and others, bypassing traditional VC financing. This round brought Wasabi's total funding to around $76.2 million following prior raises of $1.9 million in May 2016 and $6.3 million in December 2016. By the time of the announcement, Wasabi had acquired over 3,000 customers across various industries in just over a year, demonstrating rapid traction in the cloud storage market, which was doubling every two years. CEO David Friend highlighted the funding as fuel to go global, emphasizing Wasabi's sustainable advantage in making cloud storage a utility-like service—cheap, fast, and ubiquitous. Forestay Capital's Managing Partner Frederic Wohlwend praised Wasabi's technology and management for addressing exploding data storage needs, particularly in healthcare applications like medical images and genomic research. The Series B was structured in tranches, with the $68 million first tranche in 2018 followed by a $30 million extension in 2020, also led by Forestay Capital with participation from existing investors like Ron Skates and Desh Deshpande, bringing total funding to nearly $110 million. Wasabi continued aggressive expansion, later achieving unicorn status in 2022 with a $250 million raise at over $1.1 billion valuation and further growth to $1.8 billion in 2026. |
| Aug 2017 | Series B | CloudScale Capital Partners (lead); Desert Angel; Alumni Ventures; Howard Cox; Ron Skates; Gururaj Deshpande | $11M | - | - |
| May 2017 | Series A | CloudScale Capital Partners; Brightstone Venture Capital; Sparta Group; Alumni Ventures; Howard Cox; Blue Ivy Ventures; Ron Skates | $9M | - | - |
| May 2016 | Seed | Sidecar Angels; Alumni Ventures; Blue Ivy Ventures | $2M | - | - |
Who has invested in Wasabi Technologies?
26 investors have backed Wasabi Technologies across its funding rounds, including Alumni Ventures, Fidelity, Forestay Capital, Howard Cox, Prosperity7 Ventures and Sidecar Angels.
Lead investors include L2 Point, Azura Partners, SiS Distribution, Prosperity7 Ventures, Fidelity and 2 other investors.
Wasabi Technologies Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Participant | May 2016 | ||
| 3 | Lead | Sep 2018 | ||
| 3 | Lead | Apr 2021 | ||
| 3 | Participant | May 2017 | ||
| 2 | Lead | May 2017 | ||
| 2 | Participant | Aug 2017 | ||
| 2 | Participant | May 2016 | ||
| 2 | Lead | May 2021 | ||
| 2 | Lead | Sep 2022 | ||
| 2 | Participant | May 2016 | ||
| -- | 2 | Participant | May 2017 | |
| 2 | Participant | Aug 2017 | ||
| 1 | Participant | Sep 2018 | ||
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Start Free TrialAcquisitions by Wasabi Technologies
Wasabi Technologies has acquired 2 companies to date.
Last acquisition by Wasabi Technologies was on April 7th 2026. Wasabi Technologies acquired Seagate Technology (Lyve Cloud unit) for undisclosed valuation.
Latest Acquisitions by Wasabi Technologies
| Description | Seagate Technology (Lyve Cloud unit) offers S3-compatible object storage for enterprise data management. AI/ML workloads, surveillance, and backups fuel demand on the multi-tenant cloud platform. Enterprises pay based on usage. | - |
| HQ Country | - | - |
| HQ City | - | - |
| Deal Date | 7 Apr 2026 | 22 Jan 2024 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Wasabi Technologies acquisitions and their M&A valuation multiples. Start Free Trial | ||
Wasabi Technologies Competitors
Wasabi Technologies competitors include listed companies like Kingsoft Cloud and Box, and private ones like Qiniu, XSKY Data Technology, Orca Security and MegazoneCloud.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $1.4B | $414M | $2.8B | 1.8x | ||
| Private | $208M | - | $744M | 3.6x | ||
| Publicly listed | $1.2B | $124M | $4.8B | 4.3x | ||
| Private | - | - | $675M | - | ||
| Private | - | - | $1.8B | - | ||
| Private | - | - | $1.8B | - |
Wasabi Technologies Public Comps
Wasabi Technologies is still privately-owned, but its public comps include VNET Group, C3.ai, VSTECS Holdings, UCloud Technology, Nava, ESDS Software, SharonAI, Anterix, Boost Run and Richinfo Technology.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $1.5B | $463M | 4.1x | 3.7x | 13.2x | 11.8x | |||
| $250M | ($484M) | 4.3x | 4.5x | (2.2x) | (6.2x) | |||
| $12B | $278M | 0.2x | 0.2x | 10.0x | 8.6x | |||
| $253M | $31M | 7.7x | - | 63.2x | - | |||
| $445M | $192M | 3.8x | - | 8.8x | - | |||
| $49M | $25M | 38.3x | 13.8x | 76.7x | 56.6x | |||
| $2M | ($36M) | 752.3x | 13.7x | (32.7x) | 46.2x | |||
| $7M | ($29M) | 216.3x | 103.4x | (47.7x) | (46.7x) | |||
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Common questions about Wasabi Technologies
| When was Wasabi Technologies founded? | Wasabi Technologies was founded in 2015. |
| Where is Wasabi Technologies headquartered? | Wasabi Technologies is headquartered in Boston, MA, United States. |
| Is Wasabi Technologies publicly listed? | No, Wasabi Technologies is a private, VC-backed company. |
| What is Wasabi Technologies' valuation? | Wasabi Technologies was last valued at $1.8B in its Series E in January 2026. |
| How much funding has Wasabi Technologies raised? | Wasabi Technologies has raised $499M across 11 funding rounds. |
| What was Wasabi Technologies' last funding round? | Wasabi Technologies' last funding round was a $70M Series E in January 2026, led by L2 Point. |
| Who are Wasabi Technologies' investors? | Wasabi Technologies' investors include Alumni Ventures, Forestay Capital, Fidelity, Howard Cox, CloudScale Capital Partners, Desert Angel, Sidecar Angels, Prosperity7 Ventures, L2 Point, Blue Ivy Ventures and 16 others. |
| Which companies are comparable to Wasabi Technologies? | Companies comparable to Wasabi Technologies include Kingsoft Cloud, Qiniu, Box, XSKY Data Technology, Orca Security and MegazoneCloud. |
| How many companies has Wasabi Technologies acquired? | Wasabi Technologies has acquired 2 companies, including Seagate Technology (Lyve Cloud unit) and Curio AI. |
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