Prosperity7 Ventures of Saudi Aramco invests in Boston-based cloud storage start-up

Aramco’s $1 billion diversified venture capital fund is contributing to a $25 million follow-on investment through a deal that will give Wasabi a foothold in the Middle East. The investment is alongside the venture capital arm of disk-drive maker Western Digital and aims to offer a cheaper and faster alternative to Amazon Web Services’ S3 storage product. The new funds add to the $112million Wasabi raised last month in a round led by Fidelity Management and Research. The company was valued in that round at $700 million and has now raised c.$244 million in total.

Read the original article in the National: Saudi Aramco's venture arm investing in US start-up Wasabi