KSA-based Morni raises $9.1M Series B funding round
Morni, the Saudi Arabia-based platform providing vehicle logistics services, has raised a $9.1M (34.3M SAR) funding round, led by GSquare Investments, with the participation of Al Turairi and other investors.
The startup provides towing and roadside assistance, both on-demand and subscription-based solutions through web and mobile apps to individuals and corporates. It enables users to obtain integrated logistics services for vehicles in emergency situations. Morni also provides complete solutions, from arriving at the scene of the accident until the vehicle’s delivery to the end destination.
They have provided services to over 600,000 customers in KSA with an annual membership of 490,000 and services are now available to more than 200 insurance companies and car rental agents as part of its daily services.
Morni's vision is to help care for millions of vehicles across the MENA region every day and be the preferred enablement partner for automotive stakeholders in our top markets.
Salman Al-Suhaibani, Founder of Morni commented, “This funding will enable the company to continue to lead the vehicle and post-accident services sector, as it will benefit from the expansion of vehicle preservation services, debris management, and support services for vehicle claims. This will contribute to providing more than 3B Riyals annually from financial waste in the vehicle insurance sector, by providing innovative solutions to deal with vehicle accidents and their claims."
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Bassam Al-Wabel, Partner at Growth Square Investment Company said, “We believe that this investment round will help the system grow in an integrated and accelerated manner, which will support the digital economy in the Kingdom to raise the customer's experience and reduce the circulation of cash. We are working to ensure that the system has an added value to the Saudi economy and is ready for public offering in the coming years."
Morni plans to use the newly raised funds to continue expanding its vehicle logistics services to cover more cities, specifically debris management services for insurance companies and comprehensive accident solution services in various parts of the Kingdom. It also seeks to introduce new products for the owners of classic and luxury sports vehicles to provide the highest levels of preservation and accommodation through storage areas of over 300 thousand square meters in Riyadh.
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