Funding round
Wasabi Series C
Wasabi, which works in cloud storage solutions in Boston, raised $112M in a Series C round announced on 29 Apr 2021, led by Fidelity Management & Research Company, at a $700M post-money valuation. 1 firm took part. It is Wasabi's third venture round on record; the one before was a Growth in May 2020.
$112M
Amount raised
$700M
Post-money valuation
1
Investors
1 lead
2.5x
Step-up from the Growth
$281M in May 2020
16%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Wasabi at $700M after the new money, 2.5 times the $281M of its Growth (May 2020). The $112M bought investors about 16% of the company. It came 11 months after Wasabi's Growth. It is 34% of the $328M Wasabi has raised in the venture rounds on record. Wasabi raised again 20 months later: a Series D round of $15M in Dec 2022. Its next priced round, a Growth in Jan 2026, valued it at $1.80B.
Wasabi's funding rounds
Wasabi has 6 venture rounds on record and 2 other deals. This one is highlighted.
- Series B 12 Sep 2018, led by Forestay $68M
- Growth 28 May 2020, led by Forestay $30M$281M post-money
- Debt not a venture round 19 Jan 2021, led by MGG Investment Group $28M
- Series C this round 29 Apr 2021, led by Fidelity Management & Research Company $112M$700M post-money
- Series D 7 Dec 2022, led by Azura and SiS Cloud Global Tech Fund 8 $15M
- Growth 1 Oct 2025 $33M
- Growth 13 Jan 2026, led by L2 Point $70M$1.80B post-money
- Debt not a venture round 21 Apr 2026, led by Bain Capital $250M$1.80B post-money
Investors
Who put money in
Fidelity Management & Research Company led the round.
Lead investor
- Fidelity Management & Research Company new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
10 Series C rounds in Hosting & Cloud Infrastructure Providers within a year either side disclosed an amount; the median was $81M, and this round was 1.4 times the median. The closest in time, other companies' Series C rounds in Hosting & Cloud Infrastructure Providers:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Hosting & Cloud Infrastructure Providers | 12 May 2021 | $50M | not disclosed | Anatole Investment and Prospect Avenue Capital |
| Hosting & Cloud Infrastructure Providers | 4 Mar 2021 | $26M | not disclosed | Benhamou Global Ventures and STCAP Ventures |
| Vercel Hosting & Cloud Infrastructure Providers | 23 Jun 2021 | $102M | $1.10B | Bedrock and CRV |
| Hosting & Cloud Infrastructure Providers | 19 Oct 2021 | $60M | $2.00B | World Innovation Lab and Institutional Venture Partners |
| Kavak Hosting & Cloud Infrastructure Providers | 30 Sep 2020 | $385M | $1.15B | not named |
| Hosting & Cloud Infrastructure Providers | 16 Nov 2021 | $50M | not disclosed | Kleiner Perkins |
| Hosting & Cloud Infrastructure Providers | 20 Dec 2021 | $110M | $1.40B | Thoma Bravo |
| Hosting & Cloud Infrastructure Providers | 26 Jan 2022 | $207M | $3.25B | Sapphire Ventures and Tiger Global |
Sources
Where this comes from
Reported by 8 sources.
Questions
Frequently asked
How much did Wasabi raise in its Series C round?
Wasabi raised $112M in its Series C round, announced in Apr 2021.
Who led Wasabi's Series C round?
Fidelity Management & Research Company led it.
What was Wasabi's valuation at the Series C round?
$700M post-money.
How does it compare with other Series C rounds in Hosting & Cloud Infrastructure Providers?
10 Series C rounds in Hosting & Cloud Infrastructure Providers within a year either side disclosed an amount; the median was $81M, and this round was 1.4 times the median.
Did Wasabi raise again after this round?
Yes: a Series D round in Dec 2022 of $15M.