As small and mid-sized businesses (SMBs) increasingly become the focus of sophisticated cyber-attacks, cybersecurity startup Coro has raised a substantial $100 million in a Series D investment round at a post-money valuation of over $750 million, according to sources close to TechCrunch. With its recurring revenues skyrocketing by 300% in the last year, Coro aims to expand its reach to the global market, starting with Europe, and to advance its research and development efforts by integrating more AI-based solutions into its platform.
Coro, which has primarily served the vast SMB market in the U.S., received this latest round of funding from lead investor One Peak—a UK firm specializing in enterprise technology—along with contributions from former investors such as Energy Impact Partners and Balderton Capital.
The startup plans on enhancing its AI technology to combat the increasingly accessible and cost-effective tactics used by cybercriminals, such as ransomware-as-a-service. Dror Liwer, Coro’s co-founder and CMO, emphasized how these services have lowered the barriers to entry for executing attacks, especially against smaller businesses.
With data breaches estimated to cost an average of $4.45 million in 2023, according to IBM, SMBs have reported a notable uptick in security incidents. Coro addresses the challenges faced by these businesses which usually lack sufficient IT budgets and teams by providing an all-in-one cybersecurity platform offering email, endpoint, and cloud protection.
Coro’s success, particularly in the mid-market segment, hinges on its use of channel partners like internet service providers (ISPs) for distribution. David KIein, co-founder and managing partner of One Peak, lauds Coro for its impressive growth and potential to dominate the SME market.
The substantial valuation of Coro even in the current challenging investment climate is indicative of the startup’s consistent growth, with its previous funding round amounting to $75 million at a $575 million valuation in April 2023.
Frequently Asked Questions (FAQs)
- What is Coro, and what services does it provide?
Coro is a cybersecurity company that offers an all-in-one cybersecurity platform crafted for small and mid-sized businesses. Its services include email, endpoint, and cloud protection. - How much did Coro raise in its Series D funding round, and what is its current valuation?
Coro raised $100 million in its Series D funding round and is currently valued at over $750 million post-money. - Who were the investors in Coro’s latest funding round?
The lead investor was One Peak, with additional participation from Energy Impact Partners and Balderton Capital. - What market is Coro targeting with its cybersecurity platform?
Coro is primarily targeting the small and mid-sized business market (SMBs). - What are the intended uses for the funds raised by Coro?
Coro plans to use the funding for international expansion, starting with Europe, and to further develop its Artificial Intelligence capabilities within its platform.
Conclusion
Coro’s substantial Series D funding round highlights the growing importance of cybersecurity in the SMB market. The successful capital raise underscores investor confidence in Coro’s technology and business model, which has adapted to the new, cost-effective methods of cyber-attacks targeting smaller businesses. With plans for global expansion and continued R&D in AI cybersecurity tools, Coro is well-positioned to lead the market in protecting SMBs from an evolving threat landscape.