US-based cybersecurity services provider Arctic Wolf Networks has secured $45m in a series C round featuring Sonae Investment Management, the subsidiary of retail group Sonae also known as Sonae IM.
Australian sovereign wealth fund Future Fund led the round, which included Adams Street, Unusual Ventures, Lightspeed Venture Partners, Redpoint Ventures and Knollwood Investment Advisory.
Founded in 2012, Arctic Wolf offers a cybersecurity management service that combines human experts with machine intelligence to provide a substitute for a client’s own security operations centre.
The round comes on the heels of a period of growth for the company, which said it has more than doubled headcount over the past year and opened a fourth North American office in the city of Minneapolis.
Brian NeSmith, Arctic Wolf’s co-founder and chief executive, said: “In addition to supporting continued company growth, the funding will accelerate expansion of our service offering, as we continue to scale and expand to meet our customers’ individualised needs.
“We look forward to continuing our momentum and building out our internal vulnerability assessment and endpoint detection and response capabilities, in particular.”
Arctic Wolf said it has now raised $91.2m altogether. Sonae Investment Management led a $16m round for the company in January this year that included Lightspeed Venture Partners, Redpoint Ventures and Knollwood Investment Advisory.
