Coro Secures $100M Funding at $750M Valuation to Enhance Cybersecurity for Small Businesses

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Enterprises and other large organizations have long been a lucrative and obvious target for cybercriminals. However, with more sophisticated breach techniques and the rise of AI, small and medium businesses are now also vulnerable to cyberattacks. Startup Coro specifically caters to smaller businesses and has seen its revenues increase by 300% in the last year. The company has raised $100 million in a Series D round of funding, valuing it at over $750 million post-money.

Based in New York, Coro has primarily focused on the U.S. market, but with this latest funding, it aims to expand internationally, starting with Europe. The lead investor in this round is One Peak, a UK firm specializing in enterprise tech, with participation from previous backers Energy Impact Partners and Balderton Capital.

Coro plans to invest the funding in further R&D efforts to incorporate more AI tools into its platform to combat sophisticated cyberattacks effectively.

Research from IBM estimates that the average cost of a data breach in 2023 is $4.45 million. While large organizations are still targets, cybercriminals are increasingly focusing on SMBs due to the cost-effectiveness of attacking multiple small businesses.

Coro’s co-founder and CMO, Dror Liwer, noted the rise of attack-as-a-service techniques, particularly ransomware-as-a-service, making it easier and cheaper for cybercriminals to target SMBs.

Startups like Coro have identified the need for SMBs to enhance their cybersecurity defenses, as these businesses often lack the resources for dedicated IT security teams. Coro offers all-in-one platforms covering various entry points for cyberattacks like email protection, endpoint protection, and cloud security.

Coro’s success in the mid-market segment and its strategic partnerships with ISPs have attracted investors like One Peak, who see the company’s potential to dominate the SME market.

With its latest round of funding, Coro is poised for further growth and international expansion, showcasing its ability to navigate the cybersecurity landscape effectively.