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Wasabi CEO David Friend: New $30 Million Funding Round Comes From ‘Family Offices,’ Not Venture Capital

‘Family offices are evergreen. They can stay in an investment as long as they want. Frequently, VCs have a lot of control terms that they like to try to squeeze in, and family offices generally don't want to end up running the company or owning the company,’ the Wasabi CEO tells CRN.

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Funding For Growth

Wasabi, a Boston-based developer of cloud storage technology, this week unveiled a new round of funding that brought it $30 million, bringing total funding to $110 million.

Wasabi was founded by David Friend, a serial entrepreneur who was best known as one of the co-founders of Carbonite. Friend is taking an unusual route in fundraising, depending on family offices instead of venture capital investors as a way to keep control of the company in local hands and be more able to focus on long-term plans.

Friend recently spoke with CRN about the investment, the competitive cloud storage environment the company faces, and the positive and negative impacts it is seeing from the COVID-19 coronavirus pandemic.

Here is how this fast-growing company is faring and what it expects going forward.

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