Wasabi Technologies announced it has secured a $250 million credit facility led by Bain Capital’s Private Credit Group, with participation from U.S. 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 the company’s cloud storage platform, infrastructure, and global expansion efforts.
The new credit facility comes as demand for scalable data storage accelerates, driven in part by artificial intelligence and modern application workloads. Wasabi plans to use the capital to expand its infrastructure footprint and enhance its storage offerings to meet increasing enterprise needs.
The financing follows several recent milestones for the company, including the acquisition of Lyve Cloud from Seagate Technology and a $70 million equity funding round led by L2 Point Management, with participation from Everpure, formerly Pure Storage. That round valued Wasabi at $1.8 billion and brought its total funding to more than $700 million.
Wasabi has built its business around Hot Cloud Storage, offering predictable pricing without egress or API request fees. The company serves customers in more than 100 countries, including organizations such as Cornell University and Liverpool Football Club, and operates 16 storage regions globally.
As part of its product innovation, Wasabi recently introduced Wasabi Fire, an NVMe-based storage class designed for compute-intensive artificial intelligence and machine learning workloads. The company continues to expand its capabilities to support data-intensive applications and evolving enterprise requirements.
Support: Lincoln International served as Wasabi’s exclusive financial advisor and placement agent on the transaction.
KEY QUOTES:
“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. We’re investing in our infrastructure to meet growing demand for data, especially as AI and modern applications require scalable, accessible storage.”
Michael Bayer, EVP And Chief Financial Officer, Wasabi Technologies
“Wasabi’s growth trajectory, strong fundamentals, and expanding global customer base reflect the growing need for reliable, cost-effective cloud storage. 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.”
Andrea Lucido, Director, Bain Capital
