All of the US-based firm’s existing investors Forgepoint Capital, Hudson Structured Capital Management (Bermuda), and MTech Capital also participated in the round besides key investors from Stone Point Capital’s Scott G and Verisk’s former chairman, president and CEO Scott Stephenson.
This latest capital infusion takes CyberCube’s total funding raised to more than $100m.
CyberCube will use the new funding to support the commercial development of its products and solutions to quantify cyber risks.
The proceeds will also allow the firm to expand in the insurance, reinsurance and broking industry across the globe.
CyberCube CEO Pascal Millaire said: “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.
“In Morgan Stanley, we have found a tremendously supportive partner who recognises 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.”
CyberCube develops cyber risk models to enable insurers and brokers to understand their portfolios’ exposure to cyber threats
Its offerings are also used by underwriters to evaluate their commercial risks during the underwriting process.
Morgan Stanley Tactical Value co-head and Morgan Stanley managing director Pedro Teixeira said: “CyberCube is a business that has 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.”
In 2019, CyberCube raised around $35m in a Series B funding round led by Hudson Structured Capital Management.