ⓘ Featured image credits: Destination KSA
Saudi Arabia-based Morni, a mobility solutions platform, on Thursday, announced that it has raised SAR 34.3 million (around $9.1 million) in a Series B round led by GSquare Investments, with participation from Al Turairi and others.
The startup plans to use the newly raised funds to continue expanding its vehicle preservation services, debris management, and support services for vehicle claims. The company also says that it will expand its footprint to the new cities across the KSA, 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.
Founded 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 company claims that it has serviced over 600,000 customers in KSA until now, with an annual membership of 490,000 users and services are now available to more than 200 insurance companies and car rental agents as part of its daily services.
Speaking of the development, Salman Al-Suhaibani, founder of Morni, said,
“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,”
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,”