18 months into our journey with Expel, it’s still defending enterprises from cyber criminals and overused buzzwords, but now it’s doing so at scale for businesses of all sizes — and the world is beginning to take note. Just 18 months after we led its Series D, we’re delighted to co-lead its Series E.
It’s hard to believe we began our journey with Expel just about 18 months ago. Since then the company has continued to grow its team and increase its impact while weathering a global pandemic which — besides wreaking havoc on millions of people’s lives — has created unprecedented security risks to businesses of all sizes.
In fact, the security market’s challenges — such as the massive security talent shortage and increasing demand for security automation — have only intensified as IT departments move to protect both their on-prem IT infrastructures and their cloud-based systems. We are excited to double down on our partnership with Expel as it addresses its customers’ critical security challenges, frees valuable IT and security talent for the highest value tasks, and pushes the frontier of managed security.
In redefining what a modern MDR (managed detection and response) and SOC (security operations center) can be, Expel has exhibited strong product leadership, demonstrated by increased customer demand and a growing legion of happy customers from businesses of all sizes. In the past year alone, Expel has more than doubled its customer base while earning a stunning customer Net Promoter Score (NPS) of 81. And it’s not just Expel’s customers who have noticed the company’s strong product and market leadership; thought leaders across the industry have taken note. For example, Forrester recently designated Expel as a leader in its inaugural MDR Wave Report.
In addition to our excitement about Expel’s product and the massive $10 billion market opportunity in managed security, we have been extremely impressed with the company’s founders and leadership. Dave Merkel, Yanek Korff, Justin Bajko and the rest of the team possess remarkable product vision, a steadfast commitment to serve their customers well, and a keen ability to attract and retain top talent. At a time when the business world is filled with hand-wringing about the “Great Resignation,” Expel’s exceptional ability to recruit, grow and retain world-class people in one of the tech world’s most sought-after competencies demonstrates the power of its strong culture that empowers people to do their best work. These assets and values have fueled Expel’s success and will continue to serve the company well.
We continue to be strong believers in Expel’s mission to provide a best-in-class, technology-driven managed security solution. We’re delighted to deepen our partnership with the Expel team on the journey ahead, and we can’t wait to see where they go next.