Overview
Mantas is a parametric insurance MGA based in Dubai, targeting cloud-dependent enterprises across the Middle East and North Africa (MENA) and North America. Founded in 2024 by Basil Mimi and Abdallah Banishamsa, the company focuses exclusively on covering business revenue losses caused by cloud service outages from major hyperscale providers.
Mantas underwrites parametric policies with coverage triggers tied directly to verified outage data from AWS, Azure, and GCP. When a qualifying outage occurs, policies pay out automatically without a traditional claims investigation process. Capacity is backed by unnamed reinsurer partners. In August 2025, Mantas received In-Principle Approval from the Dubai Financial Services Authority (DFSA) for a Category 4 licence, positioning it as the first parametric MGA in the Middle East and Africa (MEA) region.
The company emerged from stealth in January 2026 after closing a USD 1.77M seed round. Initial target segments include fintechs, airlines, e-commerce platforms, SaaS providers, and regulated enterprises with material revenue exposure to cloud infrastructure downtime. Mantas participates in the Mohammed bin Rashid Innovation Fund (MBRIF) accelerator programme, Cohort 9 (2025).
Products & Services
Parametric Cloud Outage Insurance
Parametric insurance policies designed to pay out automatically when pre-defined cloud service disruption events occur. Triggers are tied to verified outage data from major cloud providers including AWS, Azure, and GCP. Unlike traditional cyber or technology E&O policies, no lengthy claims investigation is required -- payouts are driven by the parametric trigger.
Key Features
- Revenue loss coverage tied to hyperscale cloud provider outages
- Automatic payout upon verified trigger event
- Customized coverage plans based on each customer's cloud dependency profile
Target Users: Cloud-dependent enterprises in MENA and North America -- fintechs, airlines, e-commerce platforms, SaaS providers, and regulated enterprises
Distribution: Direct to enterprise
Real-Time Cloud Risk Monitoring
A monitoring platform that tracks availability and performance of cloud infrastructure across major providers in real time. The monitoring data feeds the parametric trigger mechanism and provides customers with continuous visibility into their cloud risk exposure.
AI-Driven Risk Analytics
AI-based analytics and predictive risk scoring that model cloud downtime as a quantifiable exposure. Outputs are used to assess risk and inform pricing and coverage design. Businesses can use the platform to plan around cloud downtime as a managed financial risk.
At a Glance
- Founded
- 2024
- Headquarters
- Dubai, United Arab Emirates
- Employees
- 1-10
Category & Focus
Links
Last updated: 2026-06-14