Mantas, a cloud risk-focused InsurTech start-up, has emerged from stealth with a $1.77m seed funding round to introduce parametric insurance covering cloud outages.
The funding round included participation from Nuwa Capital, Suhail Ventures, Plus VC, OQAL Angel Syndicate, and strategic angel investors. The capital will support Mantas’ product development, risk modelling, and early customer deployments across the MENA region and North America.
Mantas addresses the growing reliance on hyperscale cloud infrastructure, where even brief outages can disrupt transactions, operations, and customer trust.
Unlike traditional risk management methods relying on SLAs and contracts, Mantas applies parametric insurance, which triggers automatic payouts based on verified outage data, bypassing lengthy claims processes.
The company targets digital-first businesses, including fintechs, airlines, e-commerce platforms, SaaS providers, and regulated enterprises, providing both cloud outage coverage and real-time risk intelligence. This allows companies to respond quickly to failures while improving infrastructure decisions proactively.
Mantas originated from founder Basil Mimi’s personal experience with a cloud outage while placing a food order, which highlighted the financial risk of downtime. Drawing inspiration from parametric insurance models in agriculture and weather sectors, Mantas was built to convert cloud outages into measurable and insurable business risks.
Cloud adoption is increasingly concentrating risk across a few major platforms. In North America, outages are often systemic, while in the Middle East, enterprises and governments are rapidly scaling cloud infrastructure. In both regions, financial protection has lagged behind technological reliance, creating structural exposure for digital-first industries.
“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. “Businesses have engineered their systems for scale and speed, but the financial layer has not kept up. 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.”
“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. That’s an important step forward for this type of risk,” said Arnav Danthi, Principal at Nuwa Capital.
“At Plus VC, we back exceptional founders building category-defining companies, and Mantas is a strong reflection of that conviction. 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 that help businesses proactively mitigate exposure. We are excited to support Basil, Abdallah, and the Mantas team as they scale this differentiated platform regionally and beyond.” Hasan Haider, Founder and Managing Partner at Plus VC, said.
“We are proud to be partnering with Mantas in leading the shift towards data-driven business protection. 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 through innovative insurance solutions.” Ayat Alsabbagh, Principal of Suhail Ventures, said.
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