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Alternative Assets  + Private Debt  + Private Equity  | 
Wasabi Technologies Becomes one of the latest Unicorn companies with $250M in New Funding

Wasabi Technologies Becomes Unicorn Company with $250M in New Funding

Wasabi Technologies Inc., which sells low-cost storage-as-a-service, has secured $250 million in new funding. 

The funding includes Series D equity financing of $125 million by L2 Point Management and a $125 million expansion of its existing debt facility with MGG Investment Group.  

It brings the total amount of cash the Boston-based company has raised to more than $411 million and establishes it as the newest “unicorn” company, with a valuation of more than $1.1 billion. 

The size of the funding round is notable in a market that has seen technology stocks hammered this year, with valuations of some falling more than 80%.  

“Closing a large up round in this environment speaks to the spectacular growth of Wasabi, the magnitude of the cloud storage opportunity, and our leadership as the industry’s largest pure-play cloud storage vendor,” said Wasabi Technologies CEO David Friend. 

Barclays acted as sole placement agent on the transaction.

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Inside The Story

Wasabi TechnologiesL2 Point

About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.

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