CyberCube, which offers risk modelling and underwriting applications, has extended its Series B round with a new investment from MTech Capital.
Following the latest burst of equity, CyberCube has raised $40m in its Series B round. The InsurTech initially secured $35m of this in November from investors including HSCM Bermuda and ForgePoint Capital.
Stone Point Capital also contributed to the round, but it is not clear whether this was part of the initial funding or the extension.
With the capital injection, the company is looking to expand its data and analytics capabilities and bolster its go-to-market efforts to include national and regional insurance institutions.
CyberCube delivers a cloud-based suite of cyber risk modelling and underwriting services which supports the portfolio-wide and individual risk assessment of insurers. The company’s clients include insurers, re-insurers and re-insurance brokers.
MTech Capital co-founder and partner Kevin McLoughlin said, “Our decision to invest was driven by CyberCube’s high-quality management team led by Pascal Millaire. Pascal has assembled an exceptional team with expertise in both cybersecurity and insurance. We were also impressed by the company’s early success in signing-up world class insurers and reinsurers as customers. I will join CyberCube’s board as an observer.”
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