Cyber Security

Cybersecurity firm Coro points to ‘very aggressive’ channel expansion

Cybersecurity firm Coro points to ‘very aggressive’ channel expansion
Written by ga_dahmani
Cybersecurity firm Coro points to ‘very aggressive’ channel expansion

Coro is planning a “very aggressive” expansion of its channel team to help boost sales of its “all-in-one” cybersecurity product aimed at midsize businesses.

The New York-based cybersecurity provider announced earlier this week a $60 million Series C funding round led by UK-based Balderton Capital, bringing the total to $80 million it Coro has raised in the last six months.

Dror Liwer, Coro’s co-founder and chief marketing officer, said the company intends to spend a significant portion of that $80 million to bolster its Chicago-based internal channel sales team. The firm is considering quintupling its channel team from six to 30 people within the next 24 months, he said.

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Coro will also provide extensive training and incentives for channel partners as it seeks to boost sales of its cybersecurity platform, which Coro says is more efficient and affordable than other security products offered to small and medium-sized businesses. .

“We are going to be very, very channel-friendly,” Liwer said, adding that Coro will be “very aggressive” in courting and working with MSPs and master agents to drive sales of its platform.

Until last year, Coro, which was founded in 2014, relied 100 percent on direct sales. But last year, Coro started a small channel team, and now he plans to expand that team through 2023.

The channel currently accounts for around 20 percent of Coro’s revenues and the firm hopes it will eventually grow to around 50 percent, a company spokeswoman said.

Unlike other security products that focus on very specific cyber threats, Coro claims its platform provides all the security midsize businesses need to protect their users, devices, email, data, and cloud applications.

The Coro platform also uses AI to offload 98 percent of IT security workload to Coro automation, the company says.

“We have one product that does it all,” Liwer said. “It’s all in one.”

In the past, proper security for small and midsize businesses has been too expensive, too complex and required too many IT people for small and midsize businesses to operate, Liwer said.

Using rival security solutions on the market, companies can spend a total of $45 to $115 per user per month for their general security needs, Liwer said.

But Coro’s platform is offered as a monthly subscription for just $7 per user per month, he said.

“It’s a completely new model,” Liwer said of Coro’s monthly subscription charges.

Currently, Coro, which was originally founded in Israel in 2014, has more than 2 million users across 4,000 companies on its platform. Coro’s “sweet spot” is serving companies with around 500 employees, Liwer said.

Although Coro did not disclose specific revenue figures, the private company said in a press release that it has achieved revenue growth of 300 percent year over year for the past three years.

Dan Pirigyi, a partner at Telecom Consulting Group (TCG), a Florida-based master broker, said he’s optimistic Coro’s product will appeal to small and medium-sized businesses now struggling to find adequate and affordable security.

“Coro has a really unique and refreshing product,” said Pirigyi, whose company came on board as a Coro distributor a few weeks ago. “It is the right time for this type of product. With so many threats, sooner or later a midsize business will be affected if they don’t protect themselves.”

As a technology services vendor, Pirigyi said his company is a “major component of the channel” and is in a position to potentially influence thousands of MSPs, IT chiefs and other players in the cybersecurity market.

Rana Yared, a general partner at Balderton Capital, said his venture firm was impressed with Coro’s potential to attract middle-market companies.

“Coro is poised to dominate this huge and hugely underserved segment of the market, and we believe its growth will continue at an exponential rate,” Yared said in a statement. “We are excited to partner with the innovative team at Coro.”

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