Israeli cybersecurity company Coro today announced the completion of a $75 million financing round from new investor Energy Impact Partners and current investors, Balderton Capital and JVP. The company, which has developed a cybersecurity platform for mid-market organizations has raised $155 million over the past 12 months.
The company's platform delivers enterprise grade security through a single platform that unifies, simplifies and automates workloads and has been validated by more than 5000 mid-market customers across every vertical industry. Over the past year, Coro has tripled its revenue, customer and employee base, and signed more than 100 new channel partners.
Coro was founded in JVP's incubator in Beersheva in 2014 by CEO Guy Moskowitz, chief scientist Prof. Carmel Domshlak, customers officer Doron Milchtaich and EVP business development Dror Liwer.
The company is expanding to 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 that for the fifth consecutive year it will again grow 300% year-over-year in 2023,
Coro will use the new funding to support its rapidly growing customer base and drive 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.
Moskowitz said, "The additional funding is a validation that Coro’s disruption of the cybersecurity industry is succeeding. 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."
Published by Globes, Israel business news - en.globes.co.il - on April 19, 2023.
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