# Expel funding: rounds and investors > Expel has raised $99M across 4 rounds since 2016. Investors include New Enterprise Associates, Paladin Capital Group and Index Ventures. Source: https://millionrounds.com/company/expel (Millionrounds; every figure on the page links to its filing or article) Vatican City · [Series E startup](https://millionrounds.com/companies) # Who invested in *Expel* 4 rounds we have observed, with the 11 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it. Cybersecurity Valuation: $1.0B, Mar 2026 Funding summary Updated 26 Oct 2026 **$99M** raised across 4 rounds since 2016, from 4 sources **$7.5M** Series A **$20M** Series B **$40M** Series C **$31M** Series E - **Latest round:** Series E, $31M Oct 2022 - **Biggest round:** $40M Series C · Jun 2019 - **Investors:** 11 (1 led) See who backed them ## The funding story Each circle is a round, placed by date and sized by amount. The line above is the running total. 2017 2018 2019 2020 2021 2022 **$7.5M** Series A **$20M** Series B **$40M** Series C **$31M** Series E - **First round:** Series A, $7.5M - **Biggest round:** $40M - **Usual gap between rounds:** 18 months ## The rounds - **Oct 2022** Series E **$31M** *1 new* *4 returning* [New Enterprise Associates](https://millionrounds.com/fund/new-enterprise-associates) [Index Ventures](https://millionrounds.com/fund/index-ventures) [Battery Ventures](https://millionrounds.com/fund/battery-ventures) [Paladin Capital Group](https://millionrounds.com/fund/paladin-capital-group) [Cisco Investments](https://millionrounds.com/fund/cisco-investments) Source recorded SEC filing: $30M sold, first sale Sept 2022 - **Jun 2019** Series C **$40M** *3 new* *3 returning* [Index Ventures](https://millionrounds.com/fund/index-ventures) Lead [New Enterprise Associates](https://millionrounds.com/fund/new-enterprise-associates) [Battery Ventures](https://millionrounds.com/fund/battery-ventures) [Greycroft](https://millionrounds.com/fund/greycroft) [Scale Venture Partners](https://millionrounds.com/fund/scale-venture-partners) [Paladin Capital Group](https://millionrounds.com/fund/paladin-capital-group) Reported by FinSMEs SEC filing: $40M sold, first sale Jun 2019 - **Apr 2018** Series B **$20M** *6 new* [New Enterprise Associates](https://millionrounds.com/fund/new-enterprise-associates) [Greycroft](https://millionrounds.com/fund/greycroft) [Lightbank](https://millionrounds.com/fund/lightbank) Paladin Profile Scale Venture Partners/ Battery Reported by FinSMEs SEC filing: $20M sold, first sale Mar 2018 - **Sept 2016** Series A **$7.5M** *1 new* [Paladin Capital Group](https://millionrounds.com/fund/paladin-capital-group) Reported by FinSMEs SEC filing: $7.5M sold, first sale Aug 2016 ## Founders and team From the SEC filings it signed: 3 on the team. - **Peter Katz** Vice President and General Counsel i - **David Merkel** Director and CEO i - **Yanek Korff** Director and Chief of Staff i On the board, as filed i *Ariel Tseitlin* *Gene Frantz* *Johanna Flower* *Mourad Yesayan* *Shardul 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 A** 2016 **Series B** 2018 **Series C** 2019 **Series E** 2022 [New Enterprise Associates](https://millionrounds.com/fund/new-enterprise-associates) [Paladin Capital Group](https://millionrounds.com/fund/paladin-capital-group) [Index Ventures](https://millionrounds.com/fund/index-ventures) L [Battery Ventures](https://millionrounds.com/fund/battery-ventures) [Greycroft](https://millionrounds.com/fund/greycroft) [Scale Venture Partners](https://millionrounds.com/fund/scale-venture-partners) [Lightbank](https://millionrounds.com/fund/lightbank) [Cisco Investments](https://millionrounds.com/fund/cisco-investments) Paladin Profile ## Everyone who backed them [New Enterprise Associates](https://millionrounds.com/fund/new-enterprise-associates) VC firm **3** rounds [Paladin Capital Group](https://millionrounds.com/fund/paladin-capital-group) VC firm **3** rounds [Index Ventures](https://millionrounds.com/fund/index-ventures) VC firm **2** rounds, led 1 [Battery Ventures](https://millionrounds.com/fund/battery-ventures) VC firm **2** rounds [Greycroft](https://millionrounds.com/fund/greycroft) VC firm **2** rounds [Scale Venture Partners](https://millionrounds.com/fund/scale-venture-partners) VC firm **1** round [Lightbank](https://millionrounds.com/fund/lightbank) VC firm **1** round [Cisco Investments](https://millionrounds.com/fund/cisco-investments) Corporate VC **1** round Paladin no record of our own yet **1** round Profile no record of our own yet **1** round Scale Venture Partners/ Battery no record of our own yet **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=expel). ## 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. [Brad Keywell](https://millionrounds.com/fund/brad-keywell) Angel Per its own site [Conduit](https://millionrounds.com/fund/conduit) Accelerator Per its own site [Section Partners](https://millionrounds.com/fund/section-partners) Private equity Per its own site ## Quick answers about Expel ### 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. ### 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 In the same sector, and raised in the last eighteen months. [**FORT Robotics** $39M · Oct 2026](https://millionrounds.com/company/fort-robotics)[**Blackwall** $162M · Oct 2026](https://millionrounds.com/company/blackwall)[**Opsin** $21M · Oct 2026](https://millionrounds.com/company/opsin)[**Harmonic Security** $68M · Oct 2026](https://millionrounds.com/company/harmonic-security)[**Reach Security** $60M · Oct 2026](https://millionrounds.com/company/reach-security)[**Persona** $210M · Oct 2026](https://millionrounds.com/company/persona) ## Find investors like these Search every investor by what they have actually funded, then narrow to your stage and market. Free. Open the investor searchOr these rounds in the app