Cybersecurity startup Coro secures $100 million in latest funding round
Coro, a New York-based startup specializing in cybersecurity tools for small and medium businesses (SMBs), has raised $100 million in a Series D round of funding. The funding comes after Coro saw a significant increase in recurring revenues, climbing up by 300% in the past year. The company’s valuation now sits at over $750 million post-money.
With more sophisticated breach techniques and the rise of artificial intelligence, SMBs have become attractive targets for cybercriminals in recent years. IBM research estimated that the average cost of a data breach in 2023 was $4.45 million, further highlighting the importance of cybersecurity for businesses of all sizes.
Coro plans to use the funding to expand internationally, starting with Europe. The lead investor in this round is U.K.-based One Peak, with the participation of previous backers Energy Impact Partners and Balderton Capital. Coro also aims to enhance its research and development efforts, focusing on incorporating more AI tools into its platform to better combat cyber threats.
Dror Liwer, co-founder and CMO of Coro, emphasized the increased accessibility of sophisticated attack techniques for cybercriminals, leading to a rise in attacks targeting SMBs. Coro’s all-in-one platform covers various points of entry for cybercriminals, including email protection, endpoint protection, and cloud protection.
Despite facing tough competition in the cybersecurity market, Coro’s growth in the mid-market segment has attracted investors’ attention. David Klein, co-founder and managing partner of One Peak, expressed confidence in Coro’s potential to dominate the market and achieve further growth.
Coro’s successful funding round is a testament to its strategic approach and strong market position within the cybersecurity industry.
