Mantas has stepped out of stealth and raised $1.77 million to launch a new form of insurance that pays businesses automatically when cloud services go down.
The startup is targeting a problem many companies feel but rarely insure against, which is cloud outages that shut down operations, stall payments and damage trust within minutes.
Mantas says downtime is no longer a technical issue. It is a clear financial risk, and it should be treated as one.
The seed round drew backing from Nuwa Capital, Suhail Ventures, Plus VC, OQAL Angel Syndicate and a group of strategic angel investors.
The funds will be used to build out its product, strengthen risk models and begin early deployments across the Middle East, North Africa and North America.
Cloud infrastructure now underpins everything from payments to flight bookings. When it fails, the impact is swift. But most companies still rely on service-level agreements, legal clauses or internal fixes that do little to cover actual losses.
That gap is seen in how businesses respond after an outage, confusion first, financial pain later.
Mantas is taking a different route. Its policies are based on parametric insurance. That means payouts are triggered automatically once verified outage conditions are met, without drawn-out claims or negotiations. If the cloud goes down and the agreed threshold is crossed, the payment follows.
“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.”
The company focuses on digital-first sectors where constant uptime is necessary. These include fintech, airlines, e-commerce platforms, software providers and regulated enterprises.
Alongside coverage, Mantas provides real-time monitoring that shows firms how exposed they are and where weaknesses sit, before something breaks.
The idea behind the company came from a moment. Mimi was trying to order food when an outage rippled across systems. What looked minor quickly turned into reputational damage and financial loss for the business involved.
From his background as a software engineer, what l stood out was that the outage could be measured, but the loss was not insured.
That mismatch is growing. Cloud usage is becoming more concentrated, especially around a few large providers. In North America, outages are increasingly wide-ranging rather than isolated.
In the Middle East, governments and companies are moving fast into cloud-first setups. In both cases, financial protection has lagged behind dependence.
Investors say this link between real-world infrastructure behaviour and insurance is what sets Mantas apart.
“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.
Plus VC also pointed to the team’s execution and focus.
“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,” said Hasan Haider, founder and managing partner at Plus VC.
Ayat Alsabbagh, Principal of Suhail Ventures also 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.”
Mantas plans to expand its insurance coverage as cloud systems become more connected and failures spread faster across services. The goal is to help businesses that lean into complex digital infrastructure, so they are not left exposed when that infrastructure fails.
