Coro, the all-in-one cybersecurity platform for mid-market organizations, growing businesses and lean IT teams, has announced an $80 million Series C round of financing.
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 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 cybersecurity platform was built to address the cybersecurity holes in the mid-market and SMB segments, which are targeted by 70% of cyberattacks. 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 $7 per user, making enterprise-grade security available to any business.
“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 cybersecurity needs, providing an AI-driven, automated solution, assuring business continuity,” said JVP general partner Yoav Tzruya.
“The company is performing strong, growing 300% year over year, across a number of industries, all across the nation. With more than two million users enjoying its benefits on a daily basis, Coro is well positioned to become the go-to cybersecurity solution for the mid-market sector, allowing CEOs, boards, and IT managers to focus on their business, rather than spending resources on chasing elusive cybersecurity expertise and efficacy. We are delighted to welcome Balderton Capital to the team as we work together to support Coro’s explosive growth.”