Wasabi Technologies, a cloud storage company, 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 Wasabi’s cloud storage platform, infrastructure 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,” Michael Bayer, executive vice president and chief financial officer of Wasabi Technologies, said. “We’re investing in our infrastructure to meet growing demand for data, especially as AI and modern applications require scalable, accessible storage.”
The credit facility follows the recent 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), valuing Wasabi at $1.8 billion and bringing the company’s total funding to over $700 million.
“Wasabi’s growth trajectory, strong fundamentals, and expanding global customer base reflect the growing need for reliable, cost-effective cloud storage,” Andrea Lucido, director at Bain Capital, said. “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.
