Wasabi, a US-based cloud storage technology provider that counts mobile network operator NTT Docomo as an investor, has completed a $30m financing round led by Forestay Capital.
Forestay Capital, the technology investment arm of family office Waypoint Capital, participated in the round along with undisclosed existing investors. It said its total funding now stands at $110m.
Founded in 2017, Wasabi offers hot cloud storage, a model where data can be easily and quickly accessible, but without the traditional approach of tiering data by importance (and cost).
The company claims its service is more affordable than traditional cold storage and faster than rival hot storage offerings, and that it increased revenue five-times in 2019. It will spend the latest funding on expanding in Canada and parts of Europe, Latin America and the Asia Pacific region.
NTT Docomo provided an undisclosed amount of funding for Wasabi in September 2019 through corporate venture capital vehicle NTT Docomo Ventures.
Forestay Capital took part in a $68m series B round for the company in 2018 that included investment vehicles representing other, undisclosed family offices. It had raised $1.9m in May 2016 and a further $6.3m in December the same year, according to regulatory filings.
David Friend, co-founder and chief executive of Wasabi, said: “In an extremely difficult funding market, we have been able to raise money at a significant uptick in valuation.
“We focus 100% of our attention on doing one thing really, really well: storing data in the cloud. Our investors recognise the power of our business model and the virtually limitless market opportunity that we are addressing.”
