Arctic Wolf Networks, a US-based cybersecurity services provider backed by retail group Sonae, received $60m yesterday in a series D round co-led by venture capital firms Blue Cloud Ventures and Stereo Capital.
New and existing investors including growth equity and liquidity provider Delta-v Capital and growth equity firm NextEquity Partners also participated in the round.
Founded in 2012, Arctic Wolf provides a cybersecurity management service that enables clients to outsource their security operations centre while benefitting from a team of engineers that works to detect, prevent and contain threats around the clock.
The product relies on a combination of machine learning technology and engineers, meaning only one or two incidents per week on average are ultimately escalated to the client itself. Arctic Wolf will put the cash into launching new services, targeting new markets and bolstering its market position.
The company has now raised more than $151m in funding altogether. Sonae subsidiary Sonae Investment Management contributed to a $45m series C round in October 2018 that was led by Future Fund, the sovereign wealth vehicle of Australia.
Adams Street, Unusual Ventures, Lightspeed Venture Partners, Redpoint Ventures and Knollwood Investment Advisory filled out the series C round.
Sonae Investment Management had already led a $16m series B round for Arctic Wolf in January 2018, with contributions from Lightspeed Venture Partners, Redpoint Ventures and Knollwood Investment Advisory.
