Coro Raises $100 Million to Grow Small Business-Focused Cybersecurity Platform
Coro has secured $100 million in Series D funding to grow its cybersecurity platform designed for small and medium-sized businesses (SMBs).
The company will use the new funding to invest in its global expansion, research and development (R&D) and strategic partnerships, Coro said in a Thursday (March 28) press release.
“Now that Coro is established as a cybersecurity powerhouse for the [SMB] market, the next step on our journey is to offer this radical approach to as many organizations as possible,” Guy Moskowitz, CEO at Coro, said in the release.
Coro offers an “all-in-one cybersecurity solution” that encompasses endpoint protection, email and user protection, and network and cloud protection, according to the release. It is designed to be both affordable and easy to use for SMBs, IT teams and their partners.
In October 2023, the company launched a modular cybersecurity platform called Coro 3.0 that features 14 modules that can be activated on demand, as needed by the user, the release said. The platform provides defense against malware, ransomware, phishing, data leakage, network threats, insider threats and email threats.
Coro’s latest funding round was led by One Peak and brings the company’s total funds raised in the last 24 months to $255 million, per the release.
The company targets a large, underserved market and is in a position to dominate its field, David Klein, co-founder and managing partner at One Peak, said in the release.
“Coro has already achieved phenomenal growth and success in the [SMB] market,” Klein said. “We are convinced that Coro has the right tech stack, a world-class management team and unlimited potential to scale the business to the next level.”
PYMNTS Intelligence has found that SMBs face growing fraud and cybersecurity concerns. At the same time, these businesses have challenges in managing these threats due to small security teams and budgets impacted by inflation, according to “How SMBs Can Fight the Fraud Threats of Remote Work,” a PYMNTS Intelligence and American Express collaboration.
In another effort to meet these challenges, Visa and small business insurance provider TruShield Insurance said in February that they are collaborating to give eligible SMBs protection against cybersecurity threats.
Together, the companies will offer eligible Visa cardholders access to TruShield’s commercial insurance policies and work to boost awareness of cybersecurity threats.
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