Mantas, a digital risk startup, has officially come out of stealth mode with the announcement of $1.77 million in seed funding. The company's focus is on launching a parametric insurance product that covers cloud outages, particularly targeting markets in the Middle East and North Africa (MENA) as well as North America.
Parametric insurance is a type of coverage that pays a predetermined amount based on specific triggering events, rather than traditional claims processes. In the case of Mantas, the product aims to provide financial protection for businesses that experience disruptions due to cloud outages, a growing concern in today’s digital landscape.
The $1.77 million funding round was led by notable investors in the insurtech space, indicating a strengthening interest in tech-driven insurance solutions. While the full list of investors has not been disclosed, their backing highlights the confidence in Mantas' approach to addressing a significant risk faced by companies reliant on cloud services.
The introduction of this insurance product could benefit a wide range of businesses, especially those heavily invested in cloud technology. By providing rapid financial relief in the event of outages, Mantas aims to help companies mitigate losses and maintain operational stability. This is particularly relevant as cloud dependency continues to rise across various industries.
As Mantas prepares to launch its parametric insurance, it will be interesting to see how the product is received in the market. The startup is positioning itself to cater to a growing demographic of businesses that are recognizing the importance of safeguarding their digital infrastructure.
Original Source: https://beinsure.com/news/insurtech-mantas-raises-1-8-mn/