Boston-based Nasuni, which provides enterprise cloud-based file storage services, raises $60M led by Sixth Street Growth, bringing its total funding to $148M
Maria Deutscher / SiliconANGLE :
Context & Ripple Effects
Nasuni's $60M round from Sixth Street Growth slots into a crowded stretch of enterprise data-storage fundraising: Cohesity had already pulled in a $250M Series E at a $2.5B valuation two years earlier, and Cloudian's $94M Series E showed petabyte-scale object storage drawing similar checks.
The bet aged well — by mid-2024 a Vista Equity Partners-led group took a majority stake valuing Nasuni around $1.2B, roughly validating the growth thesis behind this round. For Sixth Street Growth, it was also a repeat move: weeks after backing Nasuni, the firm led a Series B of up to $200M in Atlas Technology, signaling a deliberate push into late-stage enterprise software.
First-order effects
- Nasuni gains fresh capital to scale its hybrid cloud file-storage platform while keeping its cumulative raise to a lean $148M — far below Cohesity's $650M+ — which matters for how much dilution its founders and early backers have absorbed.
- Sixth Street Growth adds a second data-infrastructure position alongside its HR-software bet on Atlas, building a portfolio thesis around recurring-revenue enterprise platforms.
Second-order effects
- Boston-based rival Wasabi's $250M Series D at a $1.1B+ valuation months later shows competitors racing to match Nasuni's war chest, turning cloud storage pricing and capacity commitments into a capital-intensity contest against AWS S3 and each other.
- Growth investors now face a choice among overlapping storage plays — file (Nasuni), object (Cloudian, Wasabi), and hyperconverged backup (Cohesity) — which pressures valuations and pushes vendors to differentiate on workload rather than raw storage cost.
Third-order effects
- The pattern that ends with Vista's majority buyout points to private equity becoming the natural exit lane for capital-efficient storage vendors, consolidating a field that once looked like a pure VC arms race.
- If credit-adjacent growth firms like Sixth Street keep funding these rounds, enterprise infrastructure companies can reach scale with less equity burned — shifting leverage in future acquisitions toward founders and earlier holders.
The trend: Enterprise cloud storage is moving from a VC-funded land grab toward private-equity-led consolidation, with non-traditional growth capital like Sixth Street bridging the two phases.