Arctic Wolf, the US-based operator of a cybersecurity concierge service, raised $200m yesterday in a series E round featuring telecommunications firm Deutsche Telekom’s corporate venturing unit, DTCP.
Hedge fund manager Viking Global Investors led the round, which included undisclosed existing backers and which valued the company at $1.3bn.
Arctic Wolf provides organisations with tailored cybersecurity services such as threat detection and response through its Arctic Wolf Platform, functioning as an extension to a client’s internal security team.
The funding was disclosed as the company moves its head office from the state of California to Minnesota, and will support an expansion of the range of services it offers and the range of markets in which it is active. It said it has increased subscription revenue 106% in the past year.
Brian NeSmith, Arctic Wolf’s co-founder and CEO, said: “The rapid growth of Arctic Wolf is being driven by organisations realising that they do not have a tools problem, but an operational one, and that they cannot 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 s safe from cyberattacks.”
The round pushed Arctic Wolf’s overall funding to $351m. Sonae Investment Management, an investment vehicle for retailer Sonae, led its $16m series B round in January 2018, investing with Lightspeed Venture Partners, Redpoint Ventures and Knollwood Investment Advisory.
All the series B participants returned nine months later for a $45m series C round led by the Australian government’s Future Fund and also backed by Adams Street Partners and Unusual Ventures.
The company added $60m in a March 2020 series D round co-led by Blue Cloud Ventures and Stereo Capital that included Delta-v Capital, NextEquity Partners and unnamed new and existing investors.
