Foley & Lardner LLP represented Wasabi Technologies, a hot cloud storage company, in achieving unicorn status with the closing of $250 million in new funding. Wasabi raised $125 million in Series D equity led by L2 Point Management with participation from Cedar Pine and returning investors Fidelity Management & Research Company and Forestay Capital, bringing the company’s valuation to over $1.1 billion. Wasabi also expanded its existing debt facility with MGG Investment Group to $125 million.
Wasabi provides fast, affordable, and highly reliable cloud data storage for businesses worldwide. It enables organizations to store and instantly access an unlimited amount of data at roughly one-fifth the price of the competition with no complex tiers or unpredictable fees. The company’s revenues more than doubled from 2020-2021, and Wasabi now has more than 40,000 customers in over 100 countries, 13,000 partners, 250-plus global employees, and 13 storage regions across North America, Europe, and Asia Pacific.
The new equity will drive expansion into additional vertical markets and geographies, enhance Wasabi’s channel partnerships, and scale the company’s go-to-market team and global brand strategies. Meanwhile, the debt will be used to finance capital equipment and infrastructure in Wasabi’s storage regions around the world, and to invest in Wasabi’s technology capabilities to lay the groundwork for a new generation of cloud storage architecture.
The Foley team representing Wasabi was led by Partner Susan Pravda and included Partner Gabor Garai, Senior Counsel Alexander Miska, Special Counsel Nicholas Faleris, and Associates Paige Moscow and Laura Burlot.
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