Based in Israel and the US — Coro — an all-in-one cyber security platform for mid-sized companies, has raised $60 million in funding from London VC Balderton Capital and JVP, as it seeks to expand its global team, having experienced 300% y-o-y growth.
With a total of $80M in funding raised in the past six months, the latest funds will be used to accelerate further its growth and expansion plans, including aggressive hiring to triple the Coro team globally, emphasising its Chicago operations. Additional previous investors in Coro include MizMaa Ventures, and Ashton Kutcher’s Sound Ventures.
300% y-o-y growth
“Faced with limited security expertise, staff, and budgets, mid-market companies are forced to choose between impossibly expensive and labour-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.”
Founded in Beer Sheva in 2013 by Doron Milchtaich, Prof. Carmel Domshlak and Dror Liwer under JVP’s cybersecurity incubator, Coro is a relatively veteran performer in the local cybersecurity market. Growing its customer base to three folds in 2021, the startup employs 150 people based in offices in New York and Chicago and in four more offices in Israel, in Beer Sheva, Jerusalem, Tel Aviv and Haifa.
“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. “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.”
As per various data, the attacks against the mid-market have increased by 150% in the past two years and Coro’s data also shows a global 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.
“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,” 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.”
Addressing the gaping cybersecurity holes in SMBs
Coro’s 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. The startup is removing three barriers inherent to the status quo in the cybersecurity market: 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 claims to be 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.