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Arctic Wolf raises $200M to become Waterloo’s latest unicorn

Posted by Waterloo EDC on October 27, 2020

Arctic Wolf, a tech innovator that provides security operations as a concierge service, has announced $200 million in Series E funding at a $1.3 billion valuation. The new funding enables Arctic Wolf to accelerate the introduction of new security operations offerings, expand into new markets and further cements its leadership position in security operation and managed detection and response (MDR).

Despite having an American headquarters, Arctic Wolf has a long history in Waterloo. In fact, the Waterloo office was there from day one.

“Our co-founder is from Waterloo, our entire R&D team is in Waterloo and our largest office by headcount is in Waterloo,” says Dan Deeth, Head of Communication at Arctic Wolf. “It may not say Waterloo on our corporate letterhead, but the region has been a core part of our success.”Click here to download a free data-driven U.S. tech markets comparison

This talent is driven by the University of Waterloo, which was just ranked #1 in Canada for computer science, engineering and mathematics – all important fields for cybersecurity. Conestoga College, which has excellent cybersecurity and technology programs, is also a key recruiting ground.

The company’s results suggest that staying the course is a recipe for success. Recent year-over-year metrics include 106% growth in subscription revenue and 180% growth in the number of customers in the enterprise segment. The company now processes nearly one trillion security events per week.

With these new resources the whole company will grow, including the Waterloo office.

“As of right now, the Waterloo office has over 200 people working in R&D, security operations and business operation roles,” says Judy Hutchison, Director of Recruiting at Arctic Wolf. “With our new influx of funding, our Minnesota and Waterloo offices are on pace at similar rates for the next year, with Waterloo adding approximately 100 new jobs and remaining Arctic’s Wolf’s primary engineering hub.”

The founding story and approach to growth at Arctic Wolf is reminiscent of Faire, another Waterloo-based company that achieved unicorn status in the last year, which has headquarters in both Waterloo and Silicon Valley. ApplyBoard also achieved unicorn status after announcing a $2 billion valuation this summer.

 

Do you want to learn more about the Waterloo tech ecosystem? Contact the Waterloo EDC team. We can provide in-depth data, insights and more to help make your expansion decision easier.

 

Topics: technology, talent, artificial intelligence