Doppel announced a $70 million Series C on November 19, 2025, led by Bessemer Venture Partners. The company said the round put its valuation at more than $600 million and brought total capital raised to $124 million. Those are private-company figures reported by Doppel, not public-market measures.
What Doppel’s Series C announcement says
| Measure | Reported figure | Context |
|---|---|---|
| Series C financing | $70 million | Announced by Doppel on November 19, 2025; led by Bessemer Venture Partners. Doppel’s announcement |
| Valuation | More than $600 million | Company-reported valuation after the round; not an exact $600 million and not a public-market price. Doppel’s announcement |
| Total capital raised | $124 million | Doppel-reported cumulative funding after the Series C. Doppel’s announcement |
The founders, Kevin Tian and Rahul Madduluri, described the financing as a $70 million Series C in their announcement. The company’s release said the funding would support product innovation and expansion of Human Risk Management.
What Doppel sells
Doppel describes itself as an enterprise social engineering defense platform. Its product areas address threats that exploit trust, impersonate people or brands, or arrive through digital communications—not consumer hardware. The company outlines three areas on its about page:
- Digital Risk Protection: Detects threats across digital channels and connects alerts through a real-time threat graph.
- Human Risk Management: Uses live threats to inform phishing simulations and security awareness training. Doppel said its Simulation product launched in August 2025 and accounted for a material share of new bookings in Q3 2025; it did not disclose an exact share.
- Email Security: Provides inline protection and investigates inbox threats.
What Doppel reported about growth
In its 2025 announcement, Doppel also reported three-times year-over-year annual recurring revenue growth and a more-than-five-times increase in Fortune 500 customers. The company did not publish the underlying revenue amounts or a baseline Fortune 500 customer count alongside those comparisons, so they should be read as company-reported growth claims rather than independently verified metrics. Doppel’s Series C announcement
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Developments after the funding round
The milestones that followed the Series C are separate from the financing itself:
- September 2026: Doppel announced that MUFG Innovation Partners, the corporate venture capital arm of Mitsubishi UFJ Financial Group, had become a strategic investor. The announcement did not disclose an investment amount or an updated valuation. Doppel also reported more than 300 customers globally and a record number of new enterprise organizations in Q2 2026. Company announcement
- July 2026 product launches: Doppel said it launched Doppel Email Security and an AI Managed Service for Human Risk Management. Company announcement
- September 29, 2026: Doppel and the San Francisco 49ers announced a multi-year partnership naming Doppel the team’s Official Social Engineering Defense Partner. The announced activations include game-day promotions, in-stadium signage, social media content, and custom events. This is a later partnership, not an investor relationship connected to the Series C. Partnership announcement
How to interpret the valuation
“More than $600 million” is the valuation Doppel reported after its Series C, not a price at which public investors can buy shares. Private-company valuations are tied to financing terms and are not directly comparable to a public company’s daily market capitalization. The announcement does not state an exact valuation above that threshold, the investment amount from the later strategic investor, or a revised valuation for 2026.
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