Wasabi Is Hot
Boston-based Wasabi is on a roll. The cloud storage company Thursday unveiled a new funding round that brought the company $112 million, bringing total equity financing in the company to $219 million and tripling the company’s valuation to about $700 million. The firm has seen its revenue and storage capacity triple every year for a couple of years. It’s also the cloud behind some of the biggest names in data protection.
Wasabi CEO David Friend told CRN that Wasabi will use the new funding to significantly expand its storage cloud data centers worldwide to meet demands, and is looking to further stoke demand by doubling its current base of channel partners to 10,000 by year-end. It’s simple math, Friend said. “If I had my choice, I’d rather have a salesman spend their time recruiting and training a channel partner than selling an individual customer,” he said.
The company faces stiff competition too from some big players in the industry, but Wasabi is forging its own path, Friend said. “The only way we can compete with Microsoft and Amazon is by being really, really focused on doing a great job at that one specific thing, which is cloud storage,” he said.
It could be a wild ride for Wasabi, which is not only growing its business but also taking advantage of the Boston tech scene to grow internally as well. Click through the slideshow to see the interview.