- Companies
- CyberCube
CyberCube Funding, Investors & Competitors
CyberCube has raised $285M across 4 funding rounds, most recently a $180M undisclosed-stage round in October 2025.
Last CyberCube funding round
$180M
Undisclosed stage · Oct 2025
Cumulative funding CyberCube raised
$285M
across 4 funding rounds
Key investors in CyberCube
Forgepoint Capital
HSCM Bermuda
Morgan Stanley
Spectrum Equity
Stone Point Capital
MTech Capital
Hudson Structured Capital Management
Scott Stephenson
About CyberCube
CyberCube is a San Francisco-based cyber risk modeling and analytics company, founded in 2015, that helps insurers, reinsurers, and brokers quantify and manage cyber risk exposure. Its cloud-based software supports underwriting, portfolio management, and risk selection by modeling both cyber aggregation and individual risk, drawing on partnerships with major insurance and reinsurance groups. CyberCube's tools are used by a large share of the top US and European cyber insurers and reinsurance brokers to price and manage cyber-related coverage.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
CyberCube Funding History
CyberCube has raised a total of $285M across 4 funding rounds.
CyberCube's first fundraising round was a $15M Series A in March 2018. The most recent completed round was a $180M undisclosed-stage round in October 2025.
CyberCube funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Oct 2025 | Undisclosed stage | Spectrum Equity (lead); Hudson Structured Capital Management | $180M | CyberCube is a cyber risk modeling and analytics software-as-a-service company based in San Francisco that was founded in 2015 and has grown to over 200 employees. The company specializes in quantifying and managing cyber risk exposure for the insurance, reinsurance, and broking industries, serving as a critical tool for organizations to evaluate and model cyber risks. In October 2025, CyberCube secured over $180 million in growth capital from Spectrum Equity, a growth equity firm managing a $2 billion tenth fund. The investment included existing investors ForgePoint Capital, Hudson Structured Capital Management (Bermuda) Ltd, and MTech Capital as cornerstone institutional backers, with the round subject to customary regulatory approvals. CyberCube stated the capital would fuel long-term development of its cutting-edge products and solutions while accelerating go-to-market expansion in the global insurance, reinsurance, and broking sectors. According to announcements at the time of the funding round, CyberCube had grown to serve more than 130 clients across the cyber insurance and reinsurance value chain, with its solutions leveraged by 75 percent of the top 40 U.S. and European cyber insurers by gross written premiums, as well as many of the world's top reinsurance broking groups. CEO Pascal Millaire highlighted cyber's potential to become one of the largest lines of property and casualty insurance as internet-connected technologies and artificial intelligence transform the global economy, positioning CyberCube to deliver analytic tools needed for sustainable insurance industry growth through the 2030s. In 2025, CyberCube launched new products including Exposure Manager to evaluate cyber risk across entire portfolios as part of its expanding SaaS innovation portfolio. |
| Dec 2022 | Series C | Morgan Stanley (lead); Stone Point Capital; MTech Capital; Forgepoint Capital; Scott Stephenson; HSCM Bermuda | $50M | CyberCube is a leading provider of cyber risk analytics and modeling solutions, helping insurers, reinsurers, and brokers quantify cyber risk exposure, support underwriting, portfolio management, and risk selection in the growing cyber insurance market. On December 19, 2022, the company announced $50 million in growth capital financing led by investment funds managed by Morgan Stanley Tactical Value, with participation from existing investors Forgepoint Capital, Hudson Structured Capital Management (Bermuda) Ltd., MTech Capital, key investors from Stone Point Capital, and Scott G. Stephenson, former Chairman, President, and CEO of Verisk, who joined the board as a director. This round brought CyberCube's total capital raised to over $100 million, funding commercial development of its products, enhancement of risk analytics models, and go-to-market expansion in the global insurance, reinsurance, and broking industries. CyberCube positions itself as the market leader in cyber risk analytics, empowering industry participants with data-driven tools to predict risk levels, improve pricing, and mitigate global cyber threats amid the expansion of cyber insurance as a major property and casualty line. Investors highlighted its pivotal role in the cyber insurance value chain and strong interest from the investment community. In a later development on October 1, 2025, CyberCube secured more than $180 million from Spectrum Equity as a new cornerstone investor, alongside existing backers, to further enhance analytics and global expansion, noting trust from 75% of top US and European cyber insurers and most top global brokers. |
| Mar 2020 | Series B | Forgepoint Capital (lead); HSCM Bermuda (lead) | $40M | CyberCube is a cyber risk analytics firm launched in January 2018, providing cloud-based software for cyber aggregation modeling, individual risk underwriting, and portfolio-wide risk assessment to insurers, reinsurers, and brokers. It has partnered with major entities like Guy Carpenter, Chubb, CNA, Munich Re, and Aon to support data-driven decisions on cyber catastrophe management, capital allocation, and pricing. In late 2019 or early 2020 (sources vary between November 2019 and March 2020), CyberCube secured $35 million in Series B funding led by HSCM Bermuda and ForgePoint Capital, with Michael Millette joining the board. This round was extended in March 2020 with additional investment from MTech Capital (and possibly Stone Point Capital) to reach a total of $40 million. The funds were intended to grow its cyber data and analytics platform, expand partnerships to regional and national insurance institutions, and bolster go-to-market efforts. CyberCube's leadership, including CEO Pascal Millaire and board chairman Don Dixon from ForgePoint, highlighted the massive opportunity in cyber insurance amid challenges in pricing systemic cyber risks. Investors praised the team's expertise blending cybersecurity, insurance, and threat intelligence, positioning CyberCube as a potential industry standard. Early traction included signing world-class insurers and reinsurers as customers. Subsequent developments include a $50 million growth capital raise in December 2022 from Morgan Stanley Tactical Value with participation from existing investors (ForgePoint, HSCM Bermuda, MTech, Stone Point) and Scott G. Stephenson joining the board, bringing total raised over $100 million at that point. Much later, in October 2025, CyberCube announced over $180 million from Spectrum Equity, again with existing investors, to fuel product development and global expansion, serving over 130 clients including 75% of top 40 US/European cyber insurers. |
| Mar 2018 | Series A | - | $15M | CyberCube launched as a standalone, independent VC-backed company in 2018. It raised a $15M Series A round in March 2018. CyberCube provides cyber risk modeling and analytics SaaS platforms for the insurance, reinsurance, and broking industries. |
Who has invested in CyberCube?
8 investors have backed CyberCube across its funding rounds, including Forgepoint Capital, HSCM Bermuda, Morgan Stanley, Spectrum Equity, Stone Point Capital and MTech Capital.
Lead investors include Spectrum Equity, Morgan Stanley, Forgepoint Capital and HSCM Bermuda.
CyberCube Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Mar 2020 | ||
| 2 | Lead | Mar 2020 | ||
| 1 | Participant | Dec 2022 | ||
| 1 | Participant | Oct 2025 | ||
| 1 | Participant | Dec 2022 | ||
| 1 | Participant | Dec 2022 | ||
This data is available for Pro users. Sign up to see all 8 CyberCube investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialCyberCube Competitors
CyberCube competitors include listed companies like ServiceNow, Datadog, RELX and Strategy, and private ones like ClickHouse and Celonis.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $13B | $2.6B | $143B | 9.6x | ||
| Publicly listed | $3.4B | ($588K) | $85B | 19.4x | ||
| Publicly listed | $13B | $4.9B | $59B | 5.3x | ||
| Publicly listed | $477M | ($5.4B) | $53B | 144.4x | ||
| Private | $160M | - | $15B | 93.8x | ||
| Private | $400M | - | $13B | 32.5x |
CyberCube Public Comps
CyberCube is still privately-owned, but its public comps include Palantir, ServiceNow, Datadog, Marsh, Aon, Arthur J. Gallagher, RELX, Strategy, Willis Towers Watson and Verisk Analytics.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4.5B | $1.5B | 92.6x | 58.1x | 285.0x | 97.4x | |||
| $13B | $2.6B | 11.1x | 9.6x | 57.2x | 25.0x | |||
| $3.4B | ($588K) | 23.6x | 19.4x | (137813.0x) | 77.6x | |||
| $27B | $7.4B | 3.9x | 3.7x | 14.2x | 13.0x | |||
| $17B | $6.5B | 4.5x | 4.4x | 11.9x | 13.0x | |||
| $14B | $3.6B | 5.4x | 4.7x | 20.5x | 14.4x | |||
| $13B | $4.9B | 5.5x | 5.3x | 14.4x | 13.2x | |||
| $477M | ($5.4B) | 149.4x | 144.4x | (13.1x) | (12.3x) | |||
This data is available for Pro users. Sign up to see all CyberCube competitors and their valuation data. Start Free Trial | ||||||||
Common questions about CyberCube
| When was CyberCube founded? | CyberCube was founded in 2015. |
| Where is CyberCube headquartered? | CyberCube is headquartered in San Francisco, CA, United States. |
| Is CyberCube publicly listed? | No, CyberCube is a private, VC-backed company. |
| How much funding has CyberCube raised? | CyberCube has raised $285M across 4 funding rounds. |
| What was CyberCube's last funding round? | CyberCube's last funding round was a $180M undisclosed-stage round in October 2025, led by Spectrum Equity. |
| Who are CyberCube's investors? | CyberCube's investors include Forgepoint Capital, HSCM Bermuda, Stone Point Capital, Hudson Structured Capital Management, MTech Capital, Scott Stephenson, Spectrum Equity and Morgan Stanley. |
| Which companies are comparable to CyberCube? | Companies comparable to CyberCube include ServiceNow, Datadog, RELX, Strategy, ClickHouse and Celonis. |
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