In recent years, small and medium-sized businesses have become increasingly targeted by cybercriminals due to more sophisticated breach techniques and the rise of AI. To address this growing threat, Coro – a startup specializing in cybersecurity tools for smaller businesses – has announced a successful Series D funding round, raising $100 million. This funding comes after experiencing a 300% increase in recurring revenues over the past year, leading to a valuation of over $750 million post-money.
Based in New York, Coro has primarily focused on the U.S. market with plans to expand internationally, starting with Europe. The funding round was led by One Peak, a UK-based later-stage firm, along with previous investors Energy Impact Partners and Balderton Capital.
The funding will be used to further enhance Coro’s R&D efforts, particularly in integrating more AI tools into their platform to combat increasingly sophisticated cyber threats. As cyberattacks on small businesses continue to rise, tools like Coro’s all-in-one cybersecurity platform are essential for protecting SMBs that lack dedicated IT resources.
Research from IBM shows the average cost of a data breach in 2023 is $4.45 million, highlighting the importance of investing in robust cybersecurity measures. Dror Liwer, Co-founder and CMO of Coro, emphasized the growing accessibility of attack-as-a-service techniques, making it easier and more cost-effective for cybercriminals to target SMBs.
Startups like Coro are addressing the security concerns of SMBs, as evidenced by the high percentage of small businesses reporting security incidents in recent years. Coro’s platform covers various entry points for cyber threats, such as email protection, endpoint protection, and cloud security, offering comprehensive cybersecurity solutions in a competitive market.
Despite the challenges faced by startups in closing funding rounds, Coro’s consistent growth and success have positioned it as a leader in the cybersecurity industry, attracting investors like One Peak. With a strong tech stack and experienced management team, Coro is poised to continue its expansion and innovation in the cybersecurity space.
Coro’s valuation reflects its impressive growth trajectory, with previous funding rounds contributing to its current valuation. As the cybersecurity landscape evolves, startups like Coro play a critical role in safeguarding businesses of all sizes against cyber threats.
