Moving corporate headquarters to Eden Prairie, Minnesota
Arctic Wolf®, the leader in security operations, today announced it has raised $200 million in Series E funding at a valuation of $1.3 billion. The funding round was led by Viking Global Investors, with additional participation from DTCP and existing investors. This new round of funding will enable Arctic Wolf to accelerate the introduction of new security operations offerings, address new markets, and further cement its leadership position in the security operations and managed detection and response (MDR) markets.
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Using the cloud-native Arctic Wolf Platform, Arctic Wolf provides security operations as a concierge service. Arctic Wolf Concierge Security® experts act as an extension of an organization’s internal team, providing tailored threat detection and response, as well as ongoing risk management to keep their valuable business data safe. By pairing the intelligence of a cloud-native platform with the expert insight of security operations experts, Arctic Wolf helps organizations end cyber risk.
“Every year, businesses continue to make significant new investments in cybersecurity tools, yet we still see breaches in the headlines. The rapid growth of Arctic Wolf is being driven by organizations realizing that they don’t have a tools problem, but an operational one, and that they can’t solve their security operations challenges on their own,” said Brian NeSmith, CEO and Co-Founder, Arctic Wolf. “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 organizations safe from cyberattacks.”
Arctic Wolf’s primary security operations offering is Arctic Wolf Managed Detection and Response, a solution that enables organizations to detect, respond, and recover from advanced cyber threats. Gartner forecasts that “By 2025, 50% of organizations will be using MDR services for threat monitoring, detection and response functions that offer threat containment capabilities.”1 This latest round of funding makes Arctic Wolf the first and only cloud-native MDR vendor to secure a valuation of over $1 billion.
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Arctic Wolf’s recent corporate milestones and year-over-year performance metrics include:
- 106% growth in subscription revenue
- 180% growth in the number of customers in the enterprise segment
- 301% growth in the number of customers using multiple solutions
- 282% growth in the number of channel partners, driven by the company’s transition to a 100% channel sales model
- 270% growth in the number of security events (now approaching 1 trillion per week) processed by the Arctic Wolf Platform
Alongside the new round of funding, Arctic Wolf is relocating its global headquarters from California to Eden Prairie, Minnesota. Over the last four years, Arctic Wolf’s office in Minnesota has been at the center of the company’s corporate growth strategy, with the team in Eden Prairie growing to over 200 employees. Using the Series E funding, Arctic Wolf plans to make significant investments in its new headquarters by the end of 2021 with the addition over 150 new jobs and the construction of the company’s third security operations center (SOC).
“The Minneapolis area has a rich and growing history of world-class technology companies, that combined with access to a highly-skilled workforce, central location, and a favorable business environment, make it the ideal place for Arctic Wolf to call home,” said Nick Schneider, Chief Revenue Officer, Arctic Wolf. “We are excited to begin the next phase of our Arctic Wolf’s growth from our headquarters in Minnesota and look forward to broadening our role within the community.”
Supporting Quotes
“Eden Prairie ranks among the best places to do business in the United States thanks to its diverse workforce and outstanding quality of life,” said Ron Case, Mayor, City of Eden Prairie. “We are thrilled that Arctic Wolf has selected our city to be its new headquarters and cannot wait to see what the future holds for them.”
1 Gartner, Market Guide for Managed Detection and Response Services, 26 August 2020, Toby Bussa, Kelly Kavanagh, Pete Shoard, John Collins, Craig Lawson, Mitchell Schneider.
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