Saudi Arabia-based mobility solutions platform Morni, has raised SAR34.3 million ($9.1 million) in a Series B funding round, led by GSquare Investments, with the participation from Al Turairi and others.
Launched in 2016, Morni 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.
The startup so far has serviced more than 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.
The startup plans to use the newly raised funds to continue expanding its vehicle preservation services, debris management, and support services for vehicle claims.
“This will contribute to providing more than SAR3 billion annually from financial waste in the vehicle insurance sector, by providing innovative solutions to deal with vehicle accidents and their claims,” said Salman Al-Suhaibani, founder of Morni.
The startup also plans to cover new cities in the KSA, and introduce new products for the owners of classic and luxury sports vehicles to provide preservation and accommodation through storage areas of over 300 thousand square meters in Riyadh.
“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,” said Bassam Al-Wabel, partner at Growth Square Investment Company.