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Wasabi Technologies has secured a $250 million credit facility. The facility is led by Bain Capital’s Private Credit Group and includes participation from U.S. Private Credit Investments (a division of BTG Pactual Global Alternatives), Neuberger Specialty Finance, Energy Impact Partners, and Aksia. The financing is intended to support investment in Wasabi’s cloud storage platform, infrastructure, and international expansion.
The funding follows Wasabi’s acquisition of Lyve Cloud from Seagate Technology and a $70 million equity funding round led by L2 Point Management. These transactions contribute to a valuation of $1.8 billion and bring the company’s total funding to more than $700 million. They also reflect Wasabi’s positioning as a pure-play cloud storage provider and an alternative to hyperscale platforms.
Over the past decade, Wasabi has focused on developing a scalable cloud storage offering that operates without egress or API request fees. The company reports customers in more than 100 countries, including organisations such as Cornell University and Liverpool Football Club, and operates across 16 global storage regions, with an emphasis on security and compliance.
Wasabi continues to develop its storage platform in response to increased demand driven by AI and modern applications. It recently introduced Wasabi Fire, an NVMe-based storage class designed for compute-intensive AI and machine learning training workloads, as part of its broader storage and data resiliency development efforts.
