Expel joins unicorn club with latest Series E funding

Expel, a managed detection and response (MDR) provider, has raised $140.3m in Series E funding, co-led by CapitalG, Alphabet’s independent growth fund, and Paladin Capital Group.

CapitalG and Paladin are both repeat lead investors, with CapitalG leading the $50m Series D funding round in 2020. Paladin led company’s Series A round in 2016.

The financing round also saw participation from new investors Cisco Investments and March Capital, as well as existing investors Index Ventures, Scale Venture Partners and Greycroft.

Expel, now valued at over $1bn, is a managed detection and response (MDR) provider whose vision is to “make great security as accessible as the internet”. The company, which describes itself as having an automation-forward approach, offers 24/7 security monitoring and response for cloud, hybrid and on-premises environments.

Expel will use the funding to invest in product research and development, introduce new capabilities, fuel sales and go-to-market initiatives, expand partner relationships, accelerate international expansion and further mature business operations.

Mourad Yesayan, managing director at Paladin Capital Group, said, “Organisations are recognising that the capability to rapidly detect and contain sophisticated threats, especially against the backdrop of a persistent talent and skill shortage, is the critical ‘last mile’ needed to achieve resilience and drive value from existing security product investments.

“Expel clearly emerged as the leader in this space, providing an automated, transparent MDR platform that empowers security operations teams to defend their organisations by ensuring human skill and energy is applied at the right time to what matters most.”

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