Wednesday, April 24, 2024
HomeFunding Israel-Based Coro Secures $100Million in Funding

[Funding Alert] Israel-Based Coro Secures $100Million in Funding

Coro is based on Rothschild Boulevard in Tel Aviv, targets large corporations with thousands of employees with a product that specializes in a very specific market segment, assuming that these customers will pay high subscription fees over an extended period of time.

The $100 million Series D financing round headed by One Peak, which included participation from current investors Energy Impact Partners and Balderton Capital, was completed today, according to an announcement made by Israeli cybersecurity company Coro.

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David Klein, managing partner of One Peak, will become a board member of Coro. A cybersecurity platform designed specifically for small and medium-sized businesses (SMEs) has been created by it. Despite being one of the largest investors in the startup with an estimated interest of more than 33%, JVP, one of the company’s original investors, chose not to take part in this funding round.

All of the money that it raises will be invested in the business, not used to purchase investors’ and workers’ shares. Although the valuation at which the transaction was concluded has not been revealed, it is thought to be between $800 and $900 million.

Read also – India based social media Unicorn ShareChat Secures $49 Million in Funding

Coro has developed into one of the most profitable privately-held cybersecurity firms in Israel. Its annual recurring revenue (ARR) is believed to reach $100 million, and it is expected to increase at a rate of 200%–300% annually. The business declined to validate these numbers.

Coro’s 350 workers, approximately half work in Israel and the other half are based in its development center in the United Kingdom. The company primarily serves the UK market, but it has intentions to grow into France, Germany, Spain, and other European regions.

About Coro

Coro is one of the mid-market security solutions with the quickest growth. Providing all-in-one protection against malware, ransomware, phishing, bots, account takeover, and bad behavior across devices, users, and cloud apps.

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