Mantas, a new insurtech startup, has officially launched from stealth alongside a 1.77 million seed funding round to introduce parametric insurance for cloud outages. The funding round includes participation from Nuwa Capital, Suhail Ventures, Plus VC, OQAL Angel Syndicate, and strategic angel investors. The capital will support product development, risk modeling, and early deployments across the MENA region and North America.
The startup addresses the growing financial risk posed by cloud downtime, which can halt transactions, disrupt operations, and erode customer trust. Unlike traditional approaches relying on SLAs and resilience engineering, Mantas offers automatic payouts triggered by verified outage data, providing companies with immediate liquidity when outages occur. The platform also delivers real-time cloud risk monitoring and intelligence, helping businesses understand their exposure and make proactive infrastructure decisions.
Mantas' coverage targets digital-first companies, including fintechs, e-commerce platforms, SaaS providers, airlines, and regulated enterprises. The company's approach is inspired by a personal experience of its CEO, Basil Mimi, who witnessed the financial fallout of a widespread cloud outage. Drawing from parametric insurance models in agriculture and weather sectors, Mantas applies similar principles to cloud infrastructure, treating downtime as a measurable, insurable financial risk.
