Arctic Wolf bags $150Mn in Series F funds, to introduce IPO shortly

Arctic Wolf, a U.S.-based managed cybersecurity entity that provides security monitoring for small and medium-sized companies to detect and respond to cybersecurity threats, has reportedly raised USD 150 million in a Series F funding round led by Owl Rock, Viking Global Investors, and other present investors.

The latest round follows within a year of the firm’s last round of investment, making it the first managed detection and response firm to gain a valuation of more than USD 1 billion.

Sources cite that the latest injection of funds lifts Arctic’s total amount of funds raised to date to nearly USD 500 million, tripling the entity’s valuation from USD 1.3 billion to USD 4.3 billion.

Due to the ongoing coronavirus pandemic and the consequent shift to remote working conditions, the Minnesota headquartered cybersecurity company has witnessed robust growth over the last twelve months.

The firm that extends holistic security monitoring solutions through its cloud platform has witnessed its revenues double with nearly 60% of its 3,000 clients using at least three of its security technology. This makes it one of the fastest-growing entities at a scale in the growing cybersecurity industry.

As per a statement by Arctic Wolf, the firm’s headcount has drastically increased with the company onboarding nearly 400 employees in the past year along with focusing on adding 500 new roles in the coming times.

Brian NeSmith, CEO, Arctic Wolf was quoted stating that the latest funds will help the company keep its momentum going along with meeting its merger and acquisition goals. With the latest Series F funding, the company is now working on its exit strategy, while weighing up options and IPO is likely to be underway, NeSmith added.   

For the record, Arctic Wolf has made three acquisitions since it was incorporated in the year 2012 including the purchase of RootSecure- a cybersecurity vulnerability assessment startup, and is focusing on significantly increasing the number of acquisitions over the year. 

Source Credit: https://techcrunch.com/2021/07/13/arctic-wolf-series-f/