• UAE insurtech Mantas raised USD 1.77M in a seed round backed by Nuwa Capital, Plus VC, Suhail Ventures, and angels.
• Founded in 2024 by Basil Mimi, Mantas offers parametric cloud outage insurance paired with real-time monitoring for digital-first, cloud-dependent businesses.
• The startup targets unpriced cloud downtime risk, enabling automatic payouts during outages as reliance on hyperscale cloud and AI infrastructure grows.

Mantas

UAE’s insurtech Mantas raised USD 1.77 million in a seed funding round. The round includes participation from Nuwa Capital, Suhail Ventures, Plus VC, OQAL Angel Syndicate, and various angel investors. 

Founded in 2024 by Basil Mimi, Mantas is an insurtech startup. The startup was founded on the belief that cloud downtime is no longer a technical inconvenience, but a material business risk that should be measured, priced, and insured. It provides tailored cloud outage insurance combined with real-time cloud risk monitoring. Its coverage is designed for digital-first companies whose revenues and operations depend on continuous cloud availability. This includes fintechs, airlines, e-commerce platforms, SaaS providers, and regulated enterprises.

“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.

Cloud Outage Insurance 

The launch comes amid reliance on hyperscale cloud infrastructure continue to accelerate. Thus, businesses operate on platforms where even mere minutes of downtime can halt operations. To deal with this issue, traditional approaches rely on legal contracts and reliance engineering, which offer limited financial certainty. However, Mantas aims to apply parametric insurance to cloud outages, enabling automatic payouts triggered by verified outage data. 

“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,” said Basil Mimi, CEO and co-founder of Mantas.

Looking ahead, with the funding, it plans to expand its platform alongside the evolving use of cloud and AI infrastructure. It also aims to extend coverage across emerging digital risks while strengthening its real-time monitoring and risk intelligence. Furthermore, its long-term vision is to ensure businesses are not financially exposed as their technology stacks and dependencies evolve.