Coro – a modern cybersecurity platform for mid-market organizations – announced a $75 million funding round, bringing the total funding raised in the last year to $155 million. And Coro added Energy Impact Partners to its current investors Balderton Capital and JVP.
Coro is continuing to experience major growth across all aspects of its business. And the company’s modern approach to cybersecurity – delivering enterprise grade security through a single platform that unifies, simplifies and automates workloads — has been validated by more than 5000 mid-market customers across every vertical industry. Over the past year, Coro tripled its revenue, customer and employee base, and signed more than 100 new channel partners. The Company also expanded its footprint in Chicago, where a new business enablement center is under development to support the company’s direct sales team and rapidly growing network of resellers. Coro projects it will again grow 300% year-over-year in 2023, extending its extraordinary record to a 5th year in a row.
Coro has been focused on protecting the hundreds of thousands of companies that have been neglected by the cyber security industry by removing the 3 barriers inherent to the status quo: price, complexity, and the need for a dedicated cyber security team. And unlike current cyber security solutions like anti-malware or phishing protection, which are focused on specific threats. Plus Coro is the first SaaS solution to include all the security needed for a mid-sized business to protect its users, devices, email, data, and cloud applications. This platform uses automation to offload 95% of the security workload from IT and is offered as an affordable monthly subscription, which makes enterprise-grade security available to any business.
What the funding will be used for: Coro plans to use the new funding round to support its rapidly growing customer base and drive aggressive growth across its R&D, channel, sales and service teams. And the new funding round will also enable Coro to continue to expand the capabilities of its cybersecurity platform, both organically and through strategic acquisitions.
KEY QUOTES:
“Coro’s phenomenal growth shows they have the right solution for a huge and underserved market. Mid-market companies need a comprehensive cyber solution that protects their vital business assets without spending outrageous sums or requiring hard to find cybersecurity experts. Coro’s AI-powered platform, based on a modern approach to solving cybersecurity challenges, is taking the market by storm. We’re thrilled to be a part of the Coro revolution as they help secure the nation’s mid-market businesses and enable them to grow and thrive.”
– Shawn Cherian, Partner at Energy Impact Partners
“The additional funding is a validation that Coro’s disruption of the cybersecurity industry is succeeding. While many cybersecurity vendors tried to address the mid-market by selling traditional products that were designed for an enterprise cybersecurity team to manage, Coro took a completely different route. Our modern approach to cybersecurity, where one platform automatically addresses all aspects of cybersecurity, was built from the ground up to ensure that mid-market companies can get enterprise grade protection without the complexity, workload or inflated price tag.”
– Guy Moskowitz, CEO, Coro
