Israel-based Coro, which is building an “all-in-one” cybersecurity service for mid-market companies, raises a $60M Series C led by Balderton
Context & Ripple Effects
This April 2022 round is the early marker in what became one of the faster valuation climbs in Israeli cybersecurity: Coro's $75M Series C2 at a $575M post-money followed within a year, and by March 2024 it had raised a $100M Series D led by One Peak at a reported $750M post-money, with expansion into Europe as the stated goal.
The raise also slots into a sustained funding run for Israel-based security companies — from Elbit subsidiary Cyberbit's $70M raise in 2020 to Coralogix's $142M Series D and Cyolo's $60M Series B in mid-2022 — making Coro's bet on bundling rather than best-of-breed tooling the differentiating thesis among them.
First-order effects
- Coro exits the round with capital to build out its all-in-one security service for mid-market companies, and gains Balderton as a lead investor with European reach ahead of its later Europe push.
- Mid-market buyers get a funded alternative to assembling multiple point-security vendors, pressuring those vendors' per-product pricing for this segment.
Second-order effects
- Rivals selling single-category tools to SMBs face pressure to bundle or partner, since Coro's model prices against the whole stack rather than any one product.
- Investors chasing the same thesis keep flowing into Israeli security — Sola's 2025 emergence from stealth with a $30M seed co-led by Mike Moritz shows the pipeline of new entrants continuing.
Third-order effects
- If the pattern holds, mid-market security consolidates around consolidated platforms, with valuations stepping up quickly ($575M to a reported $750M in under a year) and capital concentrating in fewer, broader vendors.
- Israel's security startup ecosystem increasingly exports platform plays rather than niche tools, with US and European funds competing to lead rounds.
The trend: Mid-market cybersecurity is consolidating from point products into all-in-one platforms, with Israeli startups attracting successive, rapidly escalating funding rounds.