Forestay Capital portfolio company Wasabi Technologies, the Boston-based, innovative an disruptive cloud storage company, has today announced the close of a $112 million Series C funding round, valuing the company at $700 million. The financing will be used to continue to grow the business, particularly internationally, in response to ever-increasing demand for its services. Fidelity Management & Research Company led the round with participation from previous investors.

Forestay first invested in Wasabi in 2018, participating in a Series B round that raised a total of $68 million. It followed this up in 2020 by leading a further round that raised a total of $30 million, with Forestay contributing $10 million. In both cases – and as today’s Series C news bears out – Wasabi’s low-cost, fast, reliable and durable storage technology offered a highly compelling investment rationale, particularly when coupled with the company’s highly experience, knowledgeable and passionate leadership team.

Many congratulations to Wasabi for today’s news, there is a lot more to come.