One Peak, with participation from current investors Energy Impact Partners and Balderton Capital, has led a $100 million Series D fundraising round for Coro, a cybersecurity platform designed specifically for small and medium-sized businesses (SMEs). With the completion of this investment round, $255 million has been raised over the previous 24 months.
The additional investment is aimed at strengthening Coro’s position as a cybersecurity industry leader and further its goal of providing enterprise-grade cybersecurity that is affordable for all SMEs and their service providers.
All-in-one cybersecurity solution Coro provides SMEs with an enterprise-grade security software platform that includes network and cloud protection, email & user protection, and endpoint protection. According to Coro and its private equity investors, SMEs are not able to effectively safeguard their tech stack due to the growing volume and complexity of cyberattacks, and they lack access to cost-effective solutions. With Coro’s user-friendly platform, IT teams and business partners may have automatic, cost-effective 24/7 protection.
Coro saw a remarkable growth and quick ascent to the top of the industry in a few short years. In 2023, Coro increased the number of its clients in all industrial verticals, recording threefold yearly growth for the fifth consecutive year. As one of the fastest growing cybersecurity firms in North America, Coro was recognized for its accomplishments by being nominated to both the 2023 Deloitte Technology Fast 500 and the first Fortune Cyber 60.
David Klein, co-founder and managing partner of One Peak, stated, “As growth investors, we look for companies that target large, underserved markets and are in prime position to dominate that field. Coro has already experienced extraordinary success and growth in the SME sector. We are confident that Coro has the ideal tech stack, an elite management group, and limitless potential to grow the company to new heights. We are thrilled to work with Coro to realize their vision and assist the group in their next phase of rapid expansion.”
Global Network of IT Channel Partners
Guy Moskowitz, CEO and Co-Founder of Coro, stated, “Now that Coro is recognized as a cybersecurity powerhouse for the SME market, the next step on our journey is to offer this radical approach to as many organizations as possible. Our elite global network of partners is the best means by which we can facilitate this, as they can implement Coro’s user-friendliness and scalability, putting an end to the current chaos surrounding cybersecurity management.”
The additional funding will be utilized to:
- Promote product innovation – After successfully purchasing Privatise in 2023, Coro will carry on creating market-leading security solutions designed especially for the SME market through both organic growth and strategic acquisitions.
- Empower channel partners – Coro plans to improve its channel partner program even further by giving its North American MSP and reseller network more resources and support.
- Accelerate global expansion – To help Coro’s foreign partners, expedite global expansion by forming local marketing and channel teams and making investments in brand recognition.
“As the founding investor of Coro, we at JVP have been fortunate to collaborate with Guy and the management team on building a true category leader in cybersecurity for SMEs,” said Yoav Tzruya, General Partner at JVP, and Coro’s Board Member. “We aim to turn Coro into a multi-billion-dollar company, as we’ve done multiple times before. We look forward to collaborating with OnePeak, EIP and Balderton in building Coro as a disruptive company in the cybersecurity market.”
Coro’s Accomplishments in 2023
For Coro, 2023 was a year filled with enormous accomplishments. With the release of Coro 3.0, the first modular cybersecurity platform in the industry, in October 2023, Coro claims to have changed the paradigm for cybersecurity. Coro 3.0 provides fourteen seamlessly connected modules that may be enabled on demand to grow with a company’s demands. These modules range from email security to SASE to EDR.
Coro’s modular cybersecurity platform would simplify deployment and management by combining essential security features into a single pane of glass, a single data engine, and – most importantly – a single endpoint agent.
In 2023, Coro made significant investments in both its channel and sales organizations in North America. To support its direct sales and channel partner ecosystem, the company built a business enablement center in Chicago, acquired 300 new channel partners, and increased its channel personnel by about 500%. To support the geographical expansion of channel alliances and clients, Coro also opened data centers in Canada and Germany in addition to its UK R&D facility.
