Coro to dedicate new funds to triple its global team, continue to expand the 300% year-over-year growth the company has experienced each of the past three years
New York, NY, April 5, 2022 — Coro, the all-in-one cyber security platform for mid-market organizations, growing businesses, and lean IT teams, today 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.”
Coro grew its customer base threefold in 2021. This past year, the company saw significant growth in every one of the industries it serves, with a rapidly expanding customer base in financial services, transportation and logistics, healthcare, retail, education, manufacturing, and professional services. Coro also recently garnered top scores in the G2 Winter 2022 Grid® Reports, ranking #1 for both Usability and Implementation.
About Balderton Capital
Balderton Capital is Europe’s leading venture firm focused exclusively on backing the best European-founded technology companies. In the two decades since its founding, Balderton has worked with hundreds of extraordinary European founders, and raised almost $4.5bn across ten funds. Previous exited investments include Betfair (FTSE: BET), Depop (Etsy), Digital Surgery (Medtronic), Frontier Car Group (OLX Group), Flywire (NASDAQ: FLYW), Nutmeg (JPMorgan Chase), Peakon (Workday), Recorded Future (Insight Partners), Sunrise (Microsoft), Talend (NASDAQ: TLND) and Yoox Net-a-Porter (BIT: YNAP). Balderton’s current portfolio includes Aircall, Beauty Pie, Carwow, Citymapper, Contentful, ComplyAdvantage, Darktrace (LSE: DARK), Dream Games, GoCardless, Graphcore, Healx, Infarm, Kobalt Music, Labster, Lyst, Prodigy Finance, Revolut, Sophia Genetics (NASDAQ:SOPH), Tessian, THG (LSE: THG), Truecaller (Stockholm:TRUEB), VanMoof, Vestiaire Collective, Vivino and Zego.
JVP, founded in 1993 by Dr. Erel Margalit, is an internationally renowned VC fund. Among the pioneering firms of the Israeli VC industry. Over the years JVP has built over 160 companies and has been listed numerous times by Preqin, as one of the top-ten consistently performing VC firms worldwide. JVP has been instrumental in building some of the world’s largest companies to emerge, facilitating 12 IPOs on NASDAQ, including CyberArk Software (NASDAQ: CYBR, $4.7 billion mkt. cap.), QLIK Technologies (NASDAQ: QLIK, then $4 billion mkt. cap.) as well as many large industry sales. Over the past decade, JVP has spearheaded the creation of international Centers of Excellence, including the AI and Media center in Jerusalem, the Cyber center in Beer Sheva, the Foodtech center in the Galilee, and the International Cyber and FinTech center in NYC, in partnership with NYC/EDC and the leading universities of the city. JVP is currently in the process of developing new centers of excellence in Europe, as well as in the Gulf, that will be a new chapter for Israeli technologies to engage with the region.
Coro is one of the fastest growing security solutions for the mid-market, providing all-in-one protection that empowers organizations to defend against malware, ransomware, phishing, and bots across devices, users, and cloud applications. More than 5,000 businesses depend on Coro for holistic security protection, unrivaled ease of use, and unmatched affordability. Built on the principle of non-disruptive security, the Coro platform employs innovative AI technology to identify and remediate the many security threats that today’s distributed businesses face, without IT teams having to worry, investigate, or fix issues themselves. Investors in Coro include Balderton Capital, JVP, MizMaa Ventures, and Ashton Kutcher’s Sound Ventures.