UAE-based insurtech Mantas has officially launched from stealth, securing a $1.77 million pre-seed funding round to introduce its parametric insurance platform designed to cover financial losses from cloud outages and digital downtime. The investment aims to address what the company identifies as one of the largest unpriced liabilities in the modern digital economy.
The funding round saw participation from prominent regional investors, including Nuwa Capital, Suhail Ventures, Plus VC, and the OQAL Angel Syndicate, alongside a group of strategic angel investors.
A New Approach To A Growing Digital Risk
As businesses accelerate their digital transformation, reliance on hyperscale cloud infrastructure has become absolute. However, this dependency creates a significant vulnerability, where even minutes of downtime can halt transactions, damage revenue streams, and erode customer trust. Mantas was founded on the principle that cloud downtime is no longer a mere technical issue but a material business risk that requires a dedicated financial solution.
The company moves beyond traditional Service Level Agreements (SLAs) and legal contracts, which offer limited financial certainty. Instead, Mantas applies a parametric insurance model, enabling automatic payouts triggered by verified outage data. This eliminates lengthy and complex claims processes, providing businesses with fast, transparent liquidity to manage recovery efforts and protect their reputation.
“Cloud downtime is now one of the largest unpriced liabilities in the digital economy, as outages at AWS and Azure in late 2025 demonstrated,” said Basil Mimi, CEO and co-founder of Mantas. “Parametric insurance allows us to turn cloud outages into a measurable and insurable risk, giving companies certainty at the exact moment they need it most.”
The Founder’s Journey
The inspiration for Mantas came from a direct, personal experience. Founder and CEO Basil Mimi, a software engineer, witnessed a widespread cloud outage prevent him from placing a food order. He watched as the disruption quickly escalated, causing significant financial loss and public backlash for the affected business.
This incident exposed a critical gap in risk management. While cloud failures were measurable and increasingly predictable, the resulting financial exposure remained largely uninsured. Mimi’s discovery of parametric insurance models, commonly used in sectors like agriculture to insure against adverse weather, provided the framework to build a solution for the digital world.
Strategic Growth and Market Expansion
The new capital will be instrumental in advancing Mantas’s product development, enhancing its sophisticated risk modelling capabilities, and funding its initial customer deployments. The company is targeting digital-first businesses whose operations are critically dependent on continuous cloud availability, including fintechs, airlines, e-commerce platforms, and SaaS providers.
With an initial focus on the MENA region and North America, Mantas aims to serve two distinct but equally vital markets. In North America, cloud outages are becoming more systemic, while in the Middle East, rapid cloud adoption by governments and enterprises has created new structural risks that need immediate financial protection.
Investor Confidence
The funding round reflects strong investor belief in Mantas’s innovative model and its potential to define a new category in cyber insurance.
“Downtime is often treated as a technical issue, but for digital businesses it’s increasingly a financial one. Mantas’ approach stood out to us because it ties insurance coverage directly to how infrastructure behaves in the real world, rather than how it’s described on paper,” noted Arnav Danthi, Principal at Nuwa Capital.
Hasan Haider, Founder and Managing Partner at Plus VC, added, “The company is redefining cyber insurance through its technology-driven MGA model, combining tailored coverage with predictive analytics to address one of today’s most critical risks—cloud downtime. What impressed us most is the team’s deep domain expertise, strong execution mindset, and their ability to translate complex risk data into actionable insights.”
Ayat Alsabbagh, Principal of Suhail Ventures, commented, “The combination of Mantas real-time analytics with parametric insurance will significantly help companies minimise losses from cyber threats and cloud outages in a rapidly growing market. We believe Mantas is setting a new standard for securing enterprise continuity.”
About Mantas
Founded in 2024 by Basil Mimi, Mantas is a UAE-based insurtech company providing parametric insurance for cloud outages. The platform combines tailored coverage with real-time cloud risk monitoring and intelligence to help digital-first businesses measure, price, and insure against the financial impact of digital downtime. When predefined outage conditions are met, Mantas triggers automatic payouts, enabling companies to respond and recover swiftly.
Source: Wamda
