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Coro Raises an Additional $75M Bringing the Total Raised to $155M in 12 Months
New funding to drive aggressive growth of industry’s only cybersecurity platform that brings enterprise grade cybersecurity to the mid-market; 300% year-over-year growth projected for 5th year in a row.
April 19, 2023
4 Min Read
NEW YORK--(BUSINESS WIRE) — Coro, the modern cybersecurity platform for mid-market organizations, today announced a $75M funding round, bringing the total funding raised in the last 12 months to $155M. Coro added Energy Impact Partners to its current investors, Balderton Capital and JVP.
Coro continues to experience dramatic growth across all aspects of its business. 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 will use the new funding to support its rapidly growing customer base and drive aggressive growth across its R&D, channel, sales and service teams. The new capital will also enable Coro to continue to expand the capabilities of its cybersecurity platform, both organically and through strategic acquisitions.
“Coro’s phenomenal growth shows they have the right solution for a huge and underserved market,” said Shawn Cherian, Partner at Energy Impact Partners. “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.”
“The additional funding is a validation that Coro’s disruption of the cybersecurity industry is succeeding,” said Guy Moskowitz, CEO, Coro. “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.”
Coro has stepped up to protect the hundreds of thousands of companies neglected by the cyber security industry by removing the three barriers inherent to the status quo: 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 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. The 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.
Coro’s modern approach to cybersecurity has been validated by significant customer growth across every vertical industry, including financial services, transportation and logistics, education, healthcare, retail, manufacturing, professional services and more. The company continues to garner top reviews from industry users, and was most recently ranked in G2’s 2023 Top 50 Cybersecurity Products and G2's 2023 Top 100 Fastest Growing Products.
About Energy Impact Partners
Energy Impact Partners LP (EIP) is a global investment firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world’s most forward-looking energy and industrial companies to advance innovation. With over $3 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of over 80 professionals based in its offices in New York, San Francisco, Washington D.C., Palm Beach, London, Cologne, and Oslo. For more information on EIP, please visit www.energyimpactpartners.com
Coro provides modern cybersecurity that unifies comprehensive protection into a single platform. Coro empowers organizations to defend against malware, ransomware, phishing, data leakage, insider threats and bots across devices, users, and cloud applications. More than 5,000 businesses depend on Coro for holistic security protection, unrivaled ease of use, and unmatched affordability. Coro’s modern cybersecurity platform automatically detects and remediates the many security threats that today's distributed businesses face, without IT teams having to worry, investigate, or fix issues themselves. In addition to Energy Impact Partners, investors in Coro include Balderton Capital, JVP, and Ashton Kutcher’s Sound Ventures.
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