Critical Infrastructure Security , Governance & Risk Management , Security Awareness Programs & Computer-Based Training

Securing SMBs Globally: Coro Raises $100M to Go Into Europe

Cybersecurity platform provider Coro completed a Series D funding round to expand its presence in Europe and examine acquisitions around cybersecurity awareness and simulation.

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The New York firm said its European push will build a recently opened United Kingdom office and German data center, the latter of which helps clients comply with European Union data protection regulations, said co-founder Dror Liwer. Coro also wants to expand its platform by strengthening its defenses against generative AI-driven attacks and adding a module focused on cyber awareness and simulation (see: Cybersecurity Struggles: The Midmarket's Complex Battle).

"When we looked at what would be required from us financially to be able to really push into the European market and to grow our channel program, that's the number we came up with," Liwer told Information Security Media Group. The firm's main clients are small and medium-sized businesses.

What Makes Europe Appealing to Coro?

One Peak led the $100 million round, which comes less than a year after the company completed a $75 million Series C funding extension at a reported valuation of $575 million. Some of that money went toward the July 2023 purchase of Privatise, which gives clients a secure way to connect, manage and filter out malicious content (see: Coro Buys Privatise to Infuse SASE With Network Connectivity).

Liwer said Europe presents Coro with a ripe opportunity for growth because the region has stricter regulations than the United States and a larger quantity of midmarket organizations. The firm plans to focus initially on the United Kingdom, Ireland, Germany, Spain, Italy and the Nordics, given their concentration of midmarket entities. Today, just 5% of Coro's sales come from outside North America.

Coro will use the Series D funds to establish a larger European presence with a team that understands the continent's unique cultural and regulatory landscape, Liwer said. He expects Coro' share of sales from outside North America to inch ahead this year before doubling the following year. Coro has grown its year-over-year revenue by 300% for each of the past five years, and it hopes to stay above 200% in 2024.

"It's very important to have people on the ground that speak the language and understand culturally how to sell and service and partner locally," Liwer said.

Is Cybersecurity Awareness M&A in Coro's Future?

A substantial portion of Coro's funds will also go toward adapting existing modules to evolving security threats and adding new modules to address customer needs. The funds will help Coro more effectively counter emerging threats such as generative AI-powered phishing attacks. Coro will also enrich its channel program by developing new tools and educational resources as well as by expanding its internal team.

"Our job is to stay one step ahead of adversaries," Liwer said. "And then, once we identify risks, be able to propagate that to our entire customer base immediately."

Partners and clients have told Liwer they'd like to see security awareness and simulation functionality inside Coro's platform. Channel partners want to educate end customers but typically lack the money or bandwidth to add yet another vendor to their line card. If Coro were to pursue an acquisition here, it would want seamless module interoperability and a consistent user experience.

Liwer said Coro plans to track its annual recurring revenue growth, its sales mix between the United States and international markets, and the expansion of its partner program. Coro wants to maintain annual growth rates between 200% and 300% while growing its global footprint, according to Liwer.

"Nobody does what we do," Liwer said. "Nobody offers an entire platform that covers everything in the market from a security perspective."