New funding, led by One Peak, to accelerate global expansion, R&D innovation and investment in Coro’s strategic partnerships and channel
NEW YORK, March 28, 2024 — Coro, the leading cybersecurity platform purpose-built for small and medium-sized enterprises (SMEs), today announced it has secured $100 million in Series D funding led by One Peak, with participation from existing investors Energy Impact Partners and Balderton Capital. This funding round brings the total funds raised to $255 million in the last 24 months. The new investment will reinforce Coro’s market dominance and accelerate its mission to empower SMEs and their service providers with enterprise-grade cybersecurity that’s accessible to all.
Coro is an all-in-one cybersecurity solution offering an enterprise-grade security software platform to SMEs covering endpoint protection, email & user protection and network & cloud protection. SMEs are facing increasing volumes and complexity of cyber attacks, and lack affordable solutions to help them adequately protect their tech stack. Coro’s easy-to-use platform enables IT teams and their partners to be protected 24/7 in an automated and affordable way.
Coro’s dedication to protecting and empowering SMEs has been a cornerstone of its success, driving remarkable growth and catapulting Coro to a market leadership position within a few short years. In 2023, Coro expanded its customer base across every industry vertical, achieving 3X year-over-year growth for a record fifth year in a row. Coro was named to the inaugural Fortune Cyber 60 and to the 2023 Deloitte Technology Fast 500, in recognition of its achievements as one of the fastest growing cybersecurity companies in North America.
The new funding will be used to:
1. Fuel product innovation: Coro will continue to develop industry-leading security solutions tailored specifically for the SME market through both organic growth and strategic acquisitions, following the successful acquisition of Privatise in 2023.
2. Empower channel partners: Coro will further strengthen its channel partner program, providing additional support and resources for its North American MSP and reseller network.
3. Accelerate global expansion by establishing local marketing and channel teams and investing in brand awareness to support Coro’s international partners.
“As a growth investor, we look for companies that target large, underserved markets and are in prime position to dominate that field,” said David KIein, Co-founder and Managing Partner, One Peak. “Coro has already achieved phenomenal growth and success in the SME market. 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. We’re excited to partner with Coro to help them execute on their vision and support the team in their next leg of explosive growth.”
“Now that Coro is established 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,” said Guy Moskowitz, CEO, Coro. “The best way we can enable this is through our world-class global network of partners, who can launch Coro’s ease of use and simplicity at scale, bringing the current chaos of managing cybersecurity to a halt.”
“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. We aim to turn Coro into a multi-billion-dollar company, as we’ve done multiple times before,” stated Yoav Tzruya, General Partner at JVP, and Coro’s Board Member. “We look forward to collaborating with OnePeak, EIP and Balderton in building Coro as a disruptive company in the cybersecurity market.”
“We are delighted to continue to support Coro as the leader in providing cybersecurity solutions to SMEs,” stated Rana Yared, General Partner, Balderton Capital. “We believe that providing protection and peace of mind to this segment of the market is critical to economic growth.”
“We are excited to continue our journey with Coro. We expect that the unwavering focus on SMEs, the most underserved segment in the cybersecurity market, coupled with the team’s phenomenal execution, will ensure Coro’s dominance in this market,” said Shawn Cherian, Partner at Energy Impact Partners.
2023: Establishing leadership in SME cybersecurity
2023 was a year of immense milestones and achievement for Coro. In October 2023, Coro created a new cybersecurity paradigm with the launch of Coro 3.0, the industry’s first modular cybersecurity platform. Coro 3.0 offers fourteen seamlessly integrated modules – from EDR to SASE to email security – that can be activated on demand to grow with a company’s needs.
Coro’s modular platform consolidates critical security capabilities into a single pane of glass, a single data engine, and most importantly, a single endpoint agent, making deployment and management effortless.
Coro also invested extensively across its North American sales and channel organizations in 2023. The Company added 300 new channel partners, expanded its channel headcount by nearly 500%, and established a business enablement center in Chicago to support its direct sales and channel partner ecosystem. The Company also expanded globally with the opening of its UK R&D Center and data centers in both Canada and Germany to facilitate the regional expansion of both channel partnerships and customers.
Throughout 2023, Coro continued to receive industry accolades for customer satisfaction, product performance, company growth, and best places to work. This recognition includes:
• Coro’s EDR capabilities scored a perfect 100% accuracy in testing conducted by SE Labs;
• Named by SC Magazine as one of the Top 5 security solutions for the SME market;
• Named to CRN’s MES Mid Market 100, recognizing market leaders serving midsize enterprises;
• Received more than 40 badges from G2 customer peer reviews, including midmarket awards for: Easiest to Use, Easiest to Do Business With, Best Support and Best Estimated ROI;
• Named 100 Best Medium Workplaces to work in 2023 by Fortune Media and Great Place to Work; and
• Named 2023 Fortune Best Workplaces in Technology™ for Small and Medium Businesses.
About One Peak
One Peak is a leading growth equity firm with $2.0 billion in assets under management that invests in technology companies in the scale-up phase. One Peak provides growth capital, operating expertise, and access to its extensive network to exceptional entrepreneurs, with a view to help transform innovative and rapidly growing businesses into lasting, category-defining leaders. To learn more, visit www.onepeak.tech.
