Cloud storage startup Wasabi has raised $112 million in Series C funding, and more than doubled the size of its channel partner network over the past year.
Wasabi, founded and led by former Carbonite CEO David Friend, offers a hot cloud storage alternative to Amazon Web Services (AWS). MSPs increasingly leverage Wasabi as a cloud storage system for backup platforms like Veeam, Arcserve and others.
In this ChannelE2E video interview, conducted on May 26, 2020, Friend explained the company’s technology, MSP partner strategy and business momentum.
The Series C funding follows $27.5 million in debt financing, which Wasabi announced in January 2021. Fidelity Management & Research Company led the latest funding round.
Wasabi's valuation has tripled since May 2020, though the cloud storage company did not disclose the actual valuation dollar figure.
Wasabi Series C Funding Will Fuel Cloud Storage Partner Program
Wasabi will leverage the latest funding 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." Branding and marketing support for channel partners also is planned.
In a prepared statement about the Series C funding, Friend said:
“This new funding is a watershed event for Wasabi. 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."
Ahead of the funding announcement, Wasabi unveiled the Account Control Manager, a centralized management solution for its channel partners and MSPs.
Cloud Storage, BDR Companies and MSP Partner Programs
Although the cloud storage market is quite crowded, MSP-friendly technology companies continue to raise funding in the market. Here's an overview of the backup, disaster recovery (BDR) and cloud storage market, along with the partner moves within.
