Wasabi Technologies Secures $250M Credit Facility to Accelerate Cloud Storage Innovation
Wasabi Technologies has announced the successful closure of a $250 million credit facility, marking a significant step forward in its mission to redefine cloud storage infrastructure. The financing is led by Bain Capital’s Private Credit Group, with participation from BTG Pactual Global Alternatives, Neuberger Berman (via Neuberger Specialty Finance), Energy Impact Partners, and Aksia.
Strategic Investment to Power Cloud Storage Growth
The newly secured funding will enable Wasabi to expand its cloud storage platform, strengthen infrastructure capabilities, and accelerate global growth initiatives. As data consumption continues to surge—driven by AI and modern applications—Wasabi is positioning itself to meet the rising demand for scalable and cost-effective storage solutions.
Michael Bayer, EVP and CFO of Wasabi Technologies, emphasized the company’s strong financial discipline:
“Despite a more selective private lending market, we’ve built a resilient business that continues to attract top-tier financial partners. This investment allows us to scale infrastructure and support the growing demand for data accessibility and performance.”
Recent Milestones Strengthen Market Position
This latest funding follows Wasabi’s acquisition of Lyve Cloud from Seagate Technology and a $70 million equity round led by L2 Point Management, with participation from Pure Storage (formerly Everpure). The company is now valued at approximately $1.8 billion, with total funding surpassing $700 million.
These developments reinforce Wasabi’s ambition to become a leading pure-play cloud storage provider and a strong alternative to hyperscale cloud platforms.
Scalable, Predictable Cloud Storage for Global Customers
Over the past decade, Wasabi has built a high-growth business centered around its Hot Cloud Storage offering—known for predictable pricing and the absence of egress or API request fees. With customers across more than 100 countries, including organizations like Cornell University and Liverpool Football Club, Wasabi continues to gain trust for its secure and compliant data storage solutions.
Operating across 16 global storage regions, the company is focused on delivering reliable infrastructure that meets enterprise-grade compliance and performance standards.
Innovation Driven by AI and Data Demands
As AI adoption accelerates, Wasabi is actively innovating to support next-generation workloads. The company recently introduced Wasabi Fire, an advanced NVMe-based storage class designed specifically for compute-intensive AI and machine learning applications.
Andrea Lucido, Director at Bain Capital, highlighted the company’s momentum:
“Wasabi’s strong growth, expanding global footprint, and innovative approach reflect the increasing demand for reliable and cost-efficient cloud storage. As data becomes central to business operations and AI adoption, Wasabi is well-positioned to lead.”
Final Thoughts
With fresh capital, strategic acquisitions, and a growing customer base, Wasabi Technologies is strengthening its position in the competitive cloud storage market. As enterprises continue to prioritize data-driven transformation, Wasabi’s scalable and transparent pricing model offers a compelling alternative to traditional hyperscalers.
