Cloud storage company Wasabi has raised $30 million in funding to fuel further expansion.

The Boston-based company, which specialises in ‘hot cloud storage’ said the round brings total funding since it was founded in 2015 to $110m.

The Series B round was led by Forestay Capital, the technology innovation arm of Waypoint Capital, with participation from Wasabi’s existing investors.

In 2019, Wasabi tripled its customer base to nearly 15,000 organisations and grew its channel program to more than 2,300 partners during its first 12 months.

The funding will be used primarily to expand Wasabi’s infrastructure capacity to meet growing global demand in the $90 billion public cloud storage market.

Wasabi said it plans to extend its service to Canada and additional markets in Europe, Asia and Latin America through managed service providers and other channel partners.

The company claims to be changing the “economics of the cloud” with a predictable pricing model that is one-fifth the cost of legacy cloud storage offerings with no fees for egress or API requests.

Chief executive and co-founder David Friend said: “In an extremely difficult funding market, we’ve been able to raise money at a significant uptick in valuation.

“We focus 100 per cent of our attention on doing one thing really, really well: storing data in the cloud - our investors recognise the power of our business model and the virtually limitless market opportunity that we are addressing.”

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