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Headline : Coro, building cybersecurity for SMBs, locks down $100M at a $750M valuation

Read more from the original article on here at techcrunch.com.




Tags : #coro #building #cybersecurity #smbs #locks #down #100m #750m #valuation


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Enterprises and other large organizations have long been a lucrative and obvious target for cybercriminals, but in recent years — thanks to more sophisticated breach techniques and the rise of AI — small and medium businesses are now also very much on the map. Now Coro — one of the startups building tools specifically for smaller businesses — is announcing a big round of funding after seeing its recurring revenues shoot up 300% in the last year. It has raised $100 million in a Series D round of funding. Sources close to the deal tell TechCrunch that its valuation is over $750 million post-money.

Up to now, the New York–based Coro has focused squarely on the U.S. market — no surprise, given that there are more than 33 million SMBs in that country alone — but with this round, the startup wants to scale its business internationally, starting with Europe. To that end, it’s notable that the lead investor in this round is One Peak, the U.K. later-stage firm focusing on enterprise tech. Previous backers Energy Impact Partners and Balderton Capital are also participating.

Coro also plans to use the funding to continue working on its R&D — specifically in bringing ever more AI tools into its one-stop-shop platform in order to better match and ideally beat the capabilities of the most sophisticated malicious hackers.

IBM research estimated that the average cost of a data breach in 2023 was $4.45 million, and while single attacks aiming at very large organizations may still grab the most headlines, cybercriminals have increasingly started to focus more on SMBs, applying the law of economies of scale and using one of the biggest trends in enterprise in the last two decades — the rise and domination of SaaS.

Read more from the original article on here at techcrunch.com.


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