Cyber startup Coro nets $100 million Series D to make enterprise-grade security accessible to all
Cyber startup Coro nets $100 million Series D to make enterprise-grade security accessible to all
The Israeli startup, which took its total funding in the past 24 months to $255 million, offers an enterprise-grade security software platform to SMEs covering endpoint protection, email and user protection and network and cloud protection
Coro, which has developed a cybersecurity platform purpose-built for small and medium-sized enterprises (SMEs), announced on Thursday that it has secured $100 million in Series D funding led by One Peak, with participation from existing investors Energy Impact Partners and Balderton Capital. This funding round brings the total funds raised to $255 million in the last 24 months. JVP, which is the largest investor in the company, didn’t participate in the Series D to allow One Peak to receive a larger stake.
Coro, which saw its valuation rise since its previous funding round 11 months ago, employs 350 people, and according to CEO Guy Moskowitz, it plans to hire an additional 150 people in the coming year.
Coro’s all-in-one cyber security solution offers an enterprise-grade security software platform to SMEs covering endpoint protection, email and user protection and network and cloud protection.
According to the company, in 2023, Coro expanded its customer base across every industry vertical, achieving 3X year-over-year growth for a record fifth year in a row.
"Now that Coro is established as a cybersecurity powerhouse for the SME market, the next step on our journey is to offer this radical approach to as many organizations as possible," said Guy Moskowitz, CEO of Coro. “The best way we can enable this is through our world-class global network of partners, who can launch Coro’s ease of use and simplicity at scale, bringing the current chaos of managing cybersecurity to a halt.
"The funding enables us to continue investments and rapid growth, serving us on three main levels: geographical expansion, strategic acquisitions, and significant investment in our platforms," Moskowitz told Calcalist. "Firstly, regarding geographical expansion, next year, we are working with the goal of growing in Europe alongside the American market. We have opened a significant center in London for both development and sales, which is growing rapidly, in addition to our large development center in Tel Aviv. Currently, we are also expanding to Canada, Spain, and Germany.
"Secondly, we have reached a stage where we feel comfortable with non-organic expansion, meaning buying companies that greatly expand our platforms and allow us to increase the basket of services we provide. As a reminder, we successfully acquired SASE company Privatise, which was integrated into our product. A substantial investment in our platforms targeting the medium and small business market will be made over the next two or three years. There is not a single company today that provides solutions to small and medium-sized businesses in the way that we do, and we will continue to widen the gap and lead the market.
"Every company today understands that basic antivirus software is insufficient for the required protection. Most attacks today target medium-sized and small businesses. Medium-sized companies have between $20-45 a month to invest in protection with which it is almost impossible to purchase anything on the platforms designed for the large business market," added Moskowitz. "Our system is not suitable for huge businesses but is the optimal solution for small and medium-sized businesses, where we are a significant player."
