Expanding Capital
SEC exempt reporting adviser (private fund adviser exemption, under $150M).
- Website
- https://www.xcap.vc
- HQ
- CT
Expanding Capital is a venture firm with partners Christian Telles, Derek Hall, and Leonardo Salgado listed among its people.
New fund likely raising soon
The firm's newest fund is 4 to 7 years past its first sale and no newer Form D has been filed.
01 · Says / Does
| Tag | Says | Does | Historically (to 2020) |
|---|---|---|---|
| Stages | Not stated | Not enough dated deals | Growth |
| Sectors | Not stated | Not enough dated deals | Data analytics, Enterprise SaaS, Healthtech |
| Regions | Not stated | Not enough dated deals | CA, NY |
Says: what the firm's funds state. Does: from 0 dated deals in the last 24 months.
Historical focus (through 2020), derived from historical deal data.
| Year | Deals | Top sectors |
|---|---|---|
| 2017 | 6 | Data analytics, Ecommerce, Enterprise SaaS |
| 2018 | 3 | AI applications, Biotech, Consumer |
| 2019 | 1 | Fintech |
Stage mix over time
- Pre-seed
- Seed
- Series A
- Series B
- Growth
| Year | Pre-seed | Seed | Series A | Series B | Growth |
|---|---|---|---|---|---|
| 2017 | 0 | 0 | 0 | 0 | 6 |
| 2018 | 0 | 0 | 0 | 2 | 1 |
| 2019 | 0 | 0 | 0 | 0 | 1 |
| 2020 | 0 | 0 | 0 | 0 | 0 |
| 2021 | 0 | 0 | 0 | 0 | 0 |
| 2022 | 0 | 0 | 0 | 0 | 0 |
| 2023 | 0 | 0 | 0 | 0 | 0 |
| 2024 | 0 | 0 | 0 | 0 | 0 |
| 2025 | 0 | 0 | 0 | 0 | 0 |
| 2026 | 0 | 0 | 0 | 0 | 0 |
02 · Fund history
| Fund | Year | Size | Status |
|---|---|---|---|
| Expanding Capital II, LP | 2019 | $22.8M to $150M (Form D) | Follow-ons only |
03 · People across funds
- Leonardo Salgado, Managing Member of the General Partner of the Issuer
Expanding Capital II, LP (Named on Form D)
- Christian Telles
Expanding Capital II, LP (Team)
- Derek Hall
Expanding Capital II, LP (Team)
04 · Recent deals
No dated deals found yet.
05 · Latest from the firm
No news from the firm's website yet.
06 · Sources
Fund dates and sizes are from SEC Form D filings.
Last verified: Oct 25, 2026