UAE-based insurtech startup Mantas has launched from stealth, securing US$1.77 million in pre-seed funding to address a critical market gap. The company is introducing a parametric insurance product designed to protect businesses from the financial fallout of cloud service outages. The round was supported by prominent firms including Nuwa Capital, Suhail Ventures, and Plus VC, signaling strong confidence in its innovative model.
Addressing a Modern Business Vulnerability
As businesses increasingly migrate their operations to the cloud, their vulnerability to service disruptions has grown. Even brief outages can halt sales and customer access, leading to immediate and substantial revenue loss. This shift has created a significant liability that traditional insurance models were not designed to effectively address.
The concept for Mantas was born from a direct experience with this risk by co-founder and CEO, Basil Mimi. After a service outage escalated into major operational issues for a vendor, he identified a disconnect between measuring downtime and the lack of financial protection. This insight, combined with knowledge of parametric models, formed the company's foundational idea.
A Parametric Approach to Cloud Insurance
Mantas introduces a novel solution by applying a parametric insurance model to cloud infrastructure failures. Unlike traditional insurance that requires lengthy claims processing, this system operates on predefined, data-driven triggers. When a verified outage occurs, payouts are automatically initiated, providing businesses with rapid and predictable liquidity.
The platform offers more than just financial coverage, also providing clients with real-time cloud risk monitoring and intelligence. This dual approach helps digital-first companies, from fintechs to e-commerce platforms, understand their exposure and make informed decisions. The service is tailored for enterprises critically dependent on uninterrupted cloud availability.
Securing Investor Confidence and Regulatory Approval
The $1.77 million funding round drew participation from a strategic group of investors who recognized the platform's potential. Investor commentary highlighted Mantas's unique approach of tying coverage to real-world infrastructure behavior. This backing underscores the market's readiness for a new standard in managing digital risk and ensuring enterprise continuity.
Before seeking investment, the founders focused on building a solid foundation by bootstrapping the company for ten months. A key achievement was securing regulatory approval from the Dubai Financial Services Authority (DFSA). This milestone, along with product validation and early demand, proved crucial in attracting investors in a cautious market.
Future Outlook and Strategic Vision
With the new capital, Mantas plans to accelerate product development, enhance its risk modeling, and begin customer rollouts. The company is targeting initial deployments across the Middle East and North America, two regions experiencing rapid digital transformation. These funds will be instrumental in scaling the platform to meet growing demand for specialized coverage.
Looking ahead, Mantas aims to make insurance for digital infrastructure a default component of the modern technology stack. The long-term vision is to become a leading provider of coverage for a wide range of digital risks. This involves expanding across new regions, cloud providers, and emerging categories of technological risk with transparent solutions.
The emergence of Mantas marks a pivotal development in the insurance landscape, confronting a significant unaddressed risk of the digital age. By combining parametric insurance with real-time risk intelligence, the company offers an essential tool for financial resilience. As businesses become more reliant on cloud infrastructure, Mantas's solution is poised to redefine how they protect their operations.