Arctic Wolf Lands $150M Raise
Eden Prairie-based cybersecurity firm Arctic Wolf on Tuesday announced that it has closed a $150 million raise.
To date, the company has now raised nearly $500 million since its inception in 2012. In a news release issued Tuesday, the company said it’s capitalizing on “hypergrowth and strong demand” for its security services, especially amid an uptick in high-profile hacks around the globe.
Today, the company has about 3,000 customers, most of whom are in North America. But the latest round of funding may help the company expand its presence around the globe.
In a separate blog post, Arctic Wolf CEO Brian NeSmith said the latest round of cash will “allow us to innovate our offerings, hire category experts, and expand our operations around the world.”
“It will help us bring an end to cyber risk—a mission that continues to be this company’s North Star,” NeSmith wrote in the blog.
But Arctic Wolf began bolstering its global presence even before the latest raise. Last month, the company announced plans to set up its European headquarters in the United Kingdom. At the time, the company also said it planned to establish its first European security operations center in Germany.
Over the last year, Arctic Wolf has added about 400 new employees, bringing its total headcount to more than 900. The company expects to add 500 new positions in the coming year.
Connecticut-based Viking Global Investors, which has participated in an earlier fundraising round, provided some of the funding in the latest round. New York City-based Blue Owl Capital also participated.
“We believe [Arctic Wolf] is emerging as the clear leader in the market, and is an essential partner to every organization today that is challenged by the skills shortage in cybersecurity,” said Pravin Vazirani, managing director and co-head of technology investing at Owl Rock, which is a division of Blue Owl Capital.
In the news release, officials said that Arctic Wolf’s total valuation is now more than $4 billion.
Meanwhile, the company is apparently considering an initial public offering, too. Nick Schneider, Arctic Wolf’s president and chief revenue officer, told the Star Tribune that an IPO is on the horizon, though he didn’t provide any specifics on timing.
Arctic Wolf was founded in Sunnyvale, California, but moved to Eden Prairie last year.