Arctic Wolf, a security operations center-as-a-service (SOCaaS) provider, has raised $60 million in a Series D financing round led by venture capital firms Blue Cloud Ventures and Stereo Capital. The company will use the funding to launch new service offerings, according to a prepared statement.
The Series D funding comes after Arctic Wolf recently made several moves to grow its operations, including:
Arctic Wolf Business Growth
Also, Arctic Wolf recently has recorded several milestones, including:
Furthermore, Arctic Wolf in May unveiled a 100 percent channel partner strategy for its U.S. and Canadian channel partners. Arctic Wolf enables its partners to integrate its SOCaaS into their portfolios and offer managed detection and response (MDR) as a value-add solution or service.
Arctic Wolf Channel Partner Strategy
That partner strategy has three go-to-market components, Chief Revenue Officer Nick Schneider tells MSSP Alert. The efforts include:
Arctic Wolf: SOCaaS Business Model
Although Arctic Wolf is growing rapidly, MSSP Alert does not know the company's actual revenue figures or profits (if any). Also, the SOCaaS market is crowded with MSSPs, MDR (managed detection and response) and software providers all trying to reach MSPs and/or end customers.
Still, Arctic Wolf is unique because the company controls its intellectual property and has a simple sales model that gives partners and customers a predictable monthly cost, CRO Schneider asserts. For instance, the monthly cost for Arctic Wolf remains fixed regardless of how much log information and or support the end-customer leverages, Schneider adds.
Additional insights from Joe Panettieri.
