Wasabi Technologies Closes $250M Credit Facility to Expand Cloud Storage Innovation

Wasabi Technologies, a hot cloud storage company, announced it has secured a $250 million credit facility led by Bain Capital’s Private Credit Group (“Bain Capital”) with participation from US Private Credit Investments, a division of BTG Pactual Global Alternatives; Neuberger Specialty Finance; Energy Impact Partners; and Aksia.The financing will support continued investment in Wasabi’s cloud storage platform and broader global expansion.

“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 CFO, Wasabi Technologies. “We’re investing in our infrastructure to meet growing demand for data, especially as AI and modern applications require scalable, accessible storage.”

The $250M credit facility follows the recent acquisition of Lyve Cloud from Seagate Technology and a $70M equity funding round led by L2 Point Management with participation from Everpure (formerly Pure Storage), valuing Wasabi at $1.8 billion and bringing the company’s total funding to over $700 million. Together, these milestones reinforce Wasabi’s strategy to operate as the leading pure-play cloud storage provider and a compelling alternative to hyperscale platforms.

Over the past decade, Wasabi has built a high-growth business around scalable, predictable Hot Cloud Storage with no egress or API request fees. Customers in over 100 countries, from Cornell University to Liverpool Football Club, trust Wasabi to keep their data secure while meeting compliance standards at its 16 global storage regions. The company continues to innovate and develop new storage classes and data resiliency features needed to support AI workloads, including the recent introduction of Wasabi Fire, an NVMe-based storage class for compute-intensive AI and ML training.

“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, 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.” 

Lincoln International served as Wasabi’s exclusive financial advisor and placement agent on this transaction.