Security operations developer Arctic Wolf has joined the unicorn club after a $200m Series E puts its valuation at $1.3bn.
Viking Global Investors acted as the lead investor for the round, with additional support coming from DTCP, as well as unnamed existing investors.
Having closed the round, Arctic Wolf hopes to accelerate the introduction of a new security operations offering, enter new markets and boost its position in the market.
Arctic Wolf offers security operations as a concierge service. Its platform acts as an extension of a client’s internal security team and supplies them with tailored threat detection and response, as well as ongoing risk management.
The RegTech has witnessed strong growth year-over-over, including a 106% growth in subscription revenue and 180% growth in the number of customers in the enterprise segment
Arctic Wolf CEO and co-founder Brian NeSmith said, “Every year, businesses continue to make significant new investments in cybersecurity tools, yet we still see breaches in the headlines. The rapid growth of Arctic Wolf is being driven by organizations realizing that they don’t have a tools problem, but an operational one, and that they can’t solve their security operations challenges on their own.
“Whether a small business or a large enterprise, the Arctic Wolf Platform is built to meet their cybersecurity needs, and this new round of funding will allow us to rapidly scale our business so that we can keep even more organizations safe from cyberattacks.”
In line with the investment, the RegTech is relocating its global headquarters from California to Minnesota. This will include hiring an additional 150 staff members.
Arctic Wolf chief revenue officer Nick Schneider said, “The Minneapolis area has a rich and growing history of world-class technology companies, that combined with access to a highly-skilled workforce, central location, and a favourable business environment, make it the ideal place for Arctic Wolf to call home.
“We are excited to begin the next phase of Arctic Wolf’s growth from our headquarters in Minnesota and look forward to broadening our role within the community.”
This funding round comes just a matter of months after Arctic Wolf closed its Series D on $60m. Investors included Blue Cloud Ventures and Stereo Capital.
Copyright © 2020 FinTech Global
