UAE-based insurtech startup Mantas has emerged from stealth after raising $1.77 million in Seed funding to launch parametric insurance products covering cloud outages and digital downtime.
The round includes participation from Nuwa Capital, Suhail Ventures, Plus VC, OQAL Angel Syndicate, and a group of angel investors.
Founded in 2024 by Basil Mimi, a former senior product leader at SenseTime and Gecko, Mantas is addressing a growing but largely uninsured risk facing digital-first businesses.
As enterprises become increasingly dependent on hyperscale cloud infrastructure, even short outages can lead to immediate revenue loss, operational disruption, and reputational damage. Yet financial protection has remained limited, relying largely on service-level agreements and legal remedies that offer little certainty when failures occur.
The idea for Mantas originated from a firsthand experience with cloud failure. Mimi encountered a widespread outage while trying to place a food order, only to watch the disruption escalate into significant losses and public fallout for the business involved. As a software engineer, the incident highlighted a blind spot in how cloud risk was being managed. While outages were measurable and predictable, the financial risk remained largely uninsured. Discovering parametric insurance models used in sectors like agriculture and weather provided the missing piece and became the foundation for Mantas.
Mantas applies a parametric insurance model to cloud outages, enabling automatic payouts triggered by verified outage data rather than traditional claims processes. The platform combines this coverage with real-time cloud risk monitoring, helping businesses both insure against downtime and understand their exposure before incidents occur.
The product is designed for digital-first and regulated sectors including fintechs, airlines, e-commerce platforms, SaaS companies, and large enterprises. When predefined outage thresholds are met, payouts trigger automatically, providing rapid liquidity at the point of disruption.
The new capital will be used to advance product development, strengthen risk modelling, and support early customer deployments across the MENA region and North America.
