CyberCube raises $50m in new financing

Cyber risk analytics specialist CyberCubehas has raised $50m in additional growth capital from investment funds managed by Morgan Stanley, with continued participation from all existing investors.

This latest financing brings CyberCube’s total capital raised to over $100 million.

Scott G. Stephenson, former chairman, president and chief executive of Verisk, also participated in the financing and will join the CyberCube board as a director. 

The new funding will fuel the commercial development of CyberCube’s cutting-edge products and solutions to quantify cyber risk while accelerating go-to-market expansion in the global insurance, reinsurance and broking industry.

“This is an exciting milestone in our mission to empower modern industry and society with world-leading cyber risk analytics so everyone can make better decisions,” said Pascal Millaire, chief executive of CyberCube. 

“In Morgan Stanley, we’ve found a tremendously supportive partner who recognizes the growing significance of cyber risk to the global economy and stands ready to support CyberCube as our business matures from an early market leader to a critical part of the analytics infrastructure in what is becoming one of the largest lines of P&C insurance globally,” Millaire added.

Pedro Teixeira, co-head of Morgan Stanley Tactical Value and managing director at Morgan Stanley, said: “CyberCube is a business that’s drawn great interest from the investment community. Its role in the insurance markets and the wider economy has been recognized as pivotal by industry participants. It presents both a strong investment opportunity and the ability for Morgan Stanley to play a positive role in the ongoing mitigation of global cyber threats.” 

Scott Stephenson said: “Cyber risk management is one of the biggest threats facing businesses today and one of the greatest growth opportunities for the insurance sector. A key to unlocking this potential is the development of robust analytics tools to assist risk decision-making. I’m excited to support CyberCube given the tremendous opportunity the company has to drive value for businesses, insurance institutions, and for society in the decades to come.”