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Cyber Security Innovator Coro Secures $80M to Bring Non-Disruptive, AI-Powered Cyber Security to Every Mid-Market Business

Coro announced a $60 million Series C round of financing, with a total of $80M in funding raised in the past six months. The new round is led by Balderton Capital, with participation from existing investor Jerusalem Venture Partners ("JVP"). The funds will be used to further accelerate company growth, which has already seen significant momentum with 300% year-over-year growth for each of the past three years and into 2022. Expansion plans include aggressive hiring to triple the Coro team globally, with an emphasis on its Chicago operations. 

Coro's powerful cyber security platform was built from the ground up to address the gaping cyber security holes in the mid-market and SMB segments, which are targeted by 70% of cyberattacks. Coro has stepped up to protect the millions of companies neglected by the cyber security industry by removing the three barriers inherent to the status quo: price, complexity, and the need for a dedicated cyber security team. Unlike current cyber security solutions such as anti-malware or phishing protection, which are focused on specific threats, Coro is the first SaaS solution to include all the security needed for a mid-sized business to protect its users, devices, email, and cloud applications. The platform uses AI to offload 98% of the security workload from IT onto Coro automation and is offered as a monthly subscription for only $7 per user, which makes enterprise-grade security available to any business. 

"Coro is the only company in the cyber security industry that is dedicated to servicing the mid-market sector with a solution that is at once affordable, easy-to-implement, and truly comprehensive, enabling mid-sized businesses to protect themselves in the midst of an increasingly complex cyber security environment," said Rana Yared, General Partner, Balderton Capital. "Coro is poised to dominate this immense and hugely underserved segment of the market, and we believe that their growth will continue at an exponential rate. We are excited to partner with Coro's innovative team and participate in their journey to make non-disruptive security a mainstay of growing businesses across industries." 

"We've been strong believers in the Coro vision since day one, and have seen the company grow exponentially, solving, once and for all, the problems with SMB and lean-IT cyber security needs, providing an AI-driven, automated solution, assuring business continuity. The company is performing strong, growing 300% YoY, across a number of industries, all across the nation," said Yoav Tzruya, General Partner, JVP. "With more than two million users enjoying its benefits on a daily basis, Coro is well-positioned to become the go-to cyber security solution for the mid-market sector, allowing CEOs, boards, and IT managers to focus on their business, rather than spending resources on chasing elusive cyber security expertise and efficacy. We are delighted to welcome Balderton Capital to the team as we work together to support Coro's explosive growth." 

Comprehensive cyber protection for growing and mid-sized businesses is more critical now than it has ever been. As evidenced by Coro's 2022 study on mid-market cyber security, mid-sized organizations are now being attacked with just as much volume, range, and sophistication as the largest enterprises, with attacks against the mid-market increasing by 150% in the past two years. Coro data shows a near-universal cyber security skills gap in the mid-market across industries, revealing a growing and urgent market need for an accessible and effective cyber protection solution designed specifically for mid-sized businesses. 

"Faced with limited security expertise, staff, and budgets, mid-market companies are forced to choose between impossibly expensive and labor-intensive enterprise solutions or piecemeal off-the-shelf solutions that cover only a small portion of their attack surface - and neither of these options offers true protection," said Guy Moskowitz, CEO, Coro. "Coro is quickly becoming the standard cyber security platform for mid-market companies, with thousands of installations protecting millions of devices and phenomenal growth across the board. With this latest round, we will further enable mid-sized companies to operate in the midst of an increasingly sophisticated and aggressive cyber landscape with genuine peace of mind and refocus critical resources on running successful businesses instead of on managing cyber security."

Published Tuesday, April 05, 2022 1:59 PM by David Marshall
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