Mantas raises $1.8 million

Dubai-based Mantas  has raised $1.77 million in seed funding to expand its parametric insurance offering designed to cover business losses from cloud service outages.

Founded by Basil Mimi, Mantas offers policies that trigger automatic payouts when predefined outage conditions are met, bypassing traditional claims processes tied to business interruption insurance. The approach is aimed at digital-first businesses that rely on cloud infrastructure and face revenue loss and customer churn when systems go down.

The round was backed by Nuwa Capital, Suhail Ventures, Plus VC, OQAL Angel Syndicate, and strategic angel investors. Mantas plans to use the capital to scale operations, refine its underwriting and data models, and begin selling policies in North America and the Middle East.