Funding

Wasabi Technologies Closes $250M Credit Facility

Apr 22, 2026 | By Startuprise io

Wasabi Technologies, a Boston, MA-based hot cloud storage company, has raised a $250 million credit facility led by Bain Capital with participation from U.S. Private Credit Investments, a division of BTG Pactual Global Alternatives, Neuberger Specialty Finance, Energy Impact Partners, and Aksia. The company plans to use the funds to expand its operations and continue its development.

The announcement came after Wasabi acquired Lyve Cloud from Seagate Technology and raised $70 million in an equity round led by L2 Point Management, with participation from Everpure (formerly Pure Storage). The deal valued Wasabi at $1.8 billion and brought its total funding to more than $700 million.

Over the past decade, Wasabi has built a fast-growing cloud storage business offering scalable Hot Cloud Storage with no egress or API fees. Customers in more than 100 countries, including Cornell University and Liverpool Football Club, use it to securely store data and meet compliance needs across 16 global storage regions.

The company continues to add new storage options and resilience features to support AI workloads, including Wasabi Fire, an NVMe-based storage class designed for AI and machine learning training.

RECOMMENDED FOR YOU

Skydio and Aeroarc Partner to Advance Support for Government Customers in the Region

Startuprise io

Feb 20, 2024

Funding

South 8 Technologies Raises $11M in Additional Funding

Startuprise

Dec 10, 2025

CA-based Approveit Raises $1 Million in Funding

Team SR

Sep 2, 2024

“This is a more selective private lending market, but we’ve built a strong, disciplined business that continues to attract support from leading financial institutions,” said Michael Bayer, EVP and chief financial officer, Wasabi Technologies. “We’re investing in our infrastructure to meet growing demand for data, especially as AI and modern applications require scalable, accessible storage.”

“Wasabi’s growth trajectory, strong fundamentals, and expanding global customer base reflect the growing need for reliable, cost effective cloud storage,” said Andrea Lucido, director at Bain Capital. “The company is delivering innovative and secure data infrastructure at a time when data is becoming increasingly critical to how enterprises operate, make decisions and adopt technologies such as AI.”

About Wasabi Technologies

Founded in 2017, by David Friend and Jeff Flowers, Wasabi is a fast-growing technology company focused on making cloud storage affordable, predictable and secure. It helps businesses store and access their data without surprise fees or vendor lock-in, giving them more flexibility to build solutions using a wide ecosystem of cloud partners.