$140m Series E funding takes Expel valuation to over $1bn

Detection and response (MDR) provider Expel has secured $140.3 million in Series E funding. The round was co-led by existing investors CapitalG, Alphabet’s independent growth fund and Paladin Capital Group.

Expel is based in Herndon, Virginia

CapitalG led the company’s $50 million Series D round in 2020 and Paladin led its $7.5 million Series A round in 2016.

Expel was founded in 2016 and has secured $257.9 million in financing to date. The latest funding takes the firm’s valuation to over $1 billion.

The Series E round included participation from new investors Cisco Investments and March Capital, plus existing investors Index Ventures, Scale Venture Partners and Greycroft.

The company offers security monitoring and response for cloud, hybrid and on-premises environments.

It uses existing security signals and connects to customer tech remotely through APIs. As such, it claims its security operations centre (SOC) can start monitoring a customer’s environment in a matter of hours, freeing up internal teams to focus on strategic security priorities that are specific to their business.

Dave Merkel, CEO of Expel, says that over the last two years the company has scaled its platform to handle an 82% increase in security events each day.

He claims his firm has also “doubled the number of technology partners and more than doubled the number of security investigations”.