Internet and technology group Alphabet’s growth-stage investment vehicle, CapitalG, co-led a series E round for US-based cybersecurity technology developer Expel sized at over $140m yesterday.
The round was co-led by Paladin Capital Group and included networking technology producer Cisco’s corporate venturing unit, Cisco Investments, as well as Index Ventures, Scale Venture Partners, March Capital and Greycroft.
Expel operates a managed detection and response service that protects cloud applications, network infrastructure and endpoints from cyberthreats.
The round took the company’s total funding to approximately $258m and valued it at over $1bn. It will use the capital to fuel its international expansion, boost its research and development, sales and go-to-market activities in addition to developing new products.
CapitalG had previously led a $50m series D round for Expel in May 2020 that included Index Ventures, Greycroft, Battery Ventures, Paladin Capital Group and Scale Venture Partners, taking the company’s total funding to $117m at the time.
Expel had raised $40m in a mid-2019 series C round led by Index Ventures and backed by Battery Ventures, New Enterprise Associates (NEA), Greycroft, Scale Venture Partners and Paladin Capital Group.
Scale Venture Partners led the company’s $20m series B round in 2018 and was joined by NEA, Greycroft, Battery Ventures and undisclosed others. Two years earlier, Paladin had led a $7.5m series A round also featuring NEA, Battery Ventures, Greycroft, Lightbank and unnamed strategic and individual investors.
