Vatican City · 
Who invested in Expel?
Expel's investors include New Enterprise Associates, Paladin Capital Group, Index Ventures, Battery Ventures and Greycroft, and 6 more on record.
201720182019202020212022
$7.5MSeries A$20MSeries B$40MSeries C$31MSeries E
Vatican City · Series E startup
Who invested in Expel
Funding summaryUpdated 26 Oct 2026
$99Mraised across 4 rounds since 2016, from 4 sources
$7.5MSeries A$20MSeries B$40MSeries C$31MSeries E
- Latest round
- Series E, $31MOct 2022
- Biggest round
- $40MSeries C · Jun 2019
- Investors
- 11 (1 led)
The funding story
Each circle is a round, placed by date and sized by amount. The line above is the running total.
- First round
- Series A, $7.5M Sept 2016
- Biggest round
- $40M Series C · Jun 2019
- Usual gap between rounds
- 18 months the median of 3
The rounds
- Oct 2022Series E$31M1 new4 returning
Source recordedSEC filing: $30M sold, first sale Sept 2022
- Jun 2019Series C$40M3 new3 returning
Index VenturesLead
New Enterprise Associates
Battery Ventures
Greycroft
Scale Venture Partners
Paladin Capital Group
Reported by FinSMEsSEC filing: $40M sold, first sale Jun 2019
- Apr 2018Series B$20M6 new
- New Enterprise Associates
- Greycroft
Lightbank- Paladin
- Profile
- Scale Venture Partners/ Battery
Reported by FinSMEsSEC filing: $20M sold, first sale Mar 2018
- Sept 2016Series A$7.5M1 new
Reported by FinSMEsSEC filing: $7.5M sold, first sale Aug 2016
Founders and team
From the SEC filings it signed: 3 on the team.
- Peter KatzVice President and General Counseli
- David MerkelDirector and CEOi
- Yanek KorffDirector and Chief of Staffi
On the board, as filediAriel TseitlinGene FrantzJohanna FlowerMourad YesayanShardul Shah
Who was in which round
The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led.
Series A2016Series B2018Series C2019Series E2022New Enterprise AssociatesPaladin Capital GroupIndex VenturesLBattery VenturesGreycroftScale Venture PartnersLightbank
Cisco InvestmentsPaladinProfile
New Enterprise AssociatesPaladin Capital GroupIndex VenturesLBattery VenturesGreycroftScale Venture PartnersLightbankCisco InvestmentsPaladinProfileEveryone who backed them
Paladinno record of our own yet1round
Profileno record of our own yet1round
Scale Venture Partners/ Batteryno record of our own yet1round
Missing a round, or an investor who was in one? Tell us.
Also claim to have backed them
These 3 firms list Expel as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above.
Quick answers about Expel
How much has Expel raised?
Expel has raised $99M across 4 rounds since 2016.
When did Expel last raise?
Expel's most recent round was a Series E of $31M in Oct 2022.
What was Expel's biggest round?
Expel's largest round on record is $40M (Series C), in Jun 2019, led by Index Ventures.
Who backed Expel first?
Expel's first round on record, in Sept 2016, was backed by Paladin Capital Group.
What stage is Expel at?
Expel's latest named round is a Series E, in Oct 2022.
Where is Expel based?
Expel is based in the Vatican City.
Who led Expel's rounds?
Index Ventures led the Series C in 2019.
Companies like Expel
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