Fast-growing cybersecurity company Arctic Wolf Networks announced a US$60-million Series D raise on Wednesday, and a significant portion of the money is destined to play an important role in scaling the company’s Waterloo office, the company says.
“We hired over 80 new employees in our Waterloo office last year, so our office is now bursting at the seams,” said Dan Deeth, Head of Communications at Arctic Wolf. “This new round of funding will be used to double our office space and fill the dozens of new local roles that will help us introduce new service offerings, address new markets, and continue to protect our customers from cyberthreats.”
Arctic Wolf is headquartered in Sunnyvale, Calif. Its Waterloo Region roots and ties often get overlooked as a result.
And those roots are substantial. Arctic Wolf’s Chief Strategy Officer, Kim Tremblay, is from Waterloo and is a University of Waterloo math and computer graduate. She’s also the company’s co-founder.
More than 170 of the company’s 400 employees work at its Waterloo office at 455 Phillip St. and, Deeth says, 100 per cent of the company’s product is built in Waterloo. A bit more than a year ago, the company acquired Waterloo-based RootSecure and their product is now one of Arctic Wolf’s core offerings.
The company specializes in managed detection and response – helping other companies keep their networks safe.
“Arctic Wolf’s approach of providing businesses with dedicated experts who know their security landscape and a predictable pricing structure they can understand, has resonated with organizations of all sizes who are looking to better secure their data,” said Brian NeSmith, Arctic Wolf’s CEO and co-founder. “This new round of funding will allow us to accelerate the growth of our business so that we can provide even more companies with the personal, predictable protection that Arctic Wolf is known for.”
The raise is led by New York-based Blue Cloud Ventures and Palo Alto-based Stereo Capital, and the company, which got its start in 2012, has now quietly raised more than US$150 million in total.