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Arctic Wolf Networks has announced a USD $150 million Series F funding raise and a new valuation of USD $4.3 billion – more than triple the USD $1.3 billion valuation it reached just last fall.
Headquartered in Minnesota, the Cybersecurity company has a large office in Waterloo and deep ties to the region.
Arctic Wolf was co-founded in 2012 by CEO Brian NeSmith and Kim Tremblay, a University of Waterloo computer science graduate and veteran of the Waterloo Region tech sector, who retired from the company last year.
The continued barrage of cybersecurity attacks around the world, coupled with the remote-work trend sparked by the COVID-19 pandemic, has boosted the market for cybersecurity services.
Arctic Wolf has hired 400 additional employees over the past 12 months and plans to hire another 500 in the coming year. Those plans include adding 150 more positions at its Waterloo R&D and security operations facility.
Last October, when the company announced a USD $200-million Series E round, it employed 550 staff overall, including 200 in Waterloo.
According to Communitech, the company also reiterated plans today to open an office in Toronto.