Digital risk insurance startup Mantas has emerged from stealth with a $1.77 million seed round, introducing a new category of protection for businesses whose operations hinge on cloud reliability. The round was backed by Nuwa Capital, Suhail Ventures, Plus VC, OQAL Angel Syndicate, and strategic angels.
It will speed up product development, deepen risk modelling, and support early customer deployments across the MENA region and North America. The company plans to expand its platform to address emerging risks tied to cloud and AI infrastructure.
Turns cloud outages into measurable events
As cloud infrastructure becomes the backbone of global business, downtime is no longer a rare technical hiccup but a direct financial risk. Outages can halt transactions, freeze customer experiences, and create reputational damage within minutes. Traditional tools such as SLAs or resilience engineering offer only limited financial certainty when failures occur.
Mantas applies a fresh lens to parametric insurance, a model widely used in weather and agricultural sectors. Instead of long claims processes, the company uses verified outage data to trigger automatic payouts. This approach gives businesses immediate liquidity during service interruptions, helping them recover faster and protect customer trust. Real-time risk monitoring adds another layer, giving companies visibility into their cloud exposure long before an incident occurs.
A founder’s insight that sparked a new insurance category
The idea behind Mantas grew from founder Basil Mimi’s firsthand experience with a cloud service failure. What began as a simple attempt to place a food order unfolded into a large-scale outage with ripple effects for a digital business. As a software engineer, Mimi saw a gap wherein outages were predictable, measurable events, yet the financial damage they caused remained largely uninsured.
This insight served as the basis for developing a new form of protection tailored for fintechs, airlines, e-commerce platforms, SaaS companies, regulated industries, and other cloud-dependent enterprises. The company name, derived from the Latin word for security blanket, reflects its core promise: safeguard businesses from cascading digital risks.
With customers already in the UK and Lockton RE in London serving as their key broker and reinsurer, the company enters the market with international validation and strategic backing. Its mission is to shield businesses from the financial shockwaves caused by cloud outages, an increasingly common threat highlighted by high-profile AWS and Azure disruptions in late 2025.
“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.
Commenting on the fundraising announcement, Hasan Haider, Founder and Managing Partner at Plus VC, said: “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.”
“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.
