KSA’s Tech-Powered Roadside Assistance Startup Morni Scores $9.1 Million Investment
Among the new services the Saudi platform is looking to introduce is one that will be music in the ears of luxury car owners.
Saudi vehicle logistics startup, Morni, has announced that it has raised a $9.1 million investment, as it looks to expand its services and coverage. As a platform, Morni provides towing and roadside assistance, as both on-demand and sucbrition based services. Founded by Salman Al-Suhaibani in 2014, the web and mobile app is used by both individuals and corporates, allowing for the obtaining of integrated logistics services in emergency situations.
Though a simple service at its heart, Morni’s number’s back up its success. The startup has serviced over 600,000 customers and its annual membership numbers have peaked at 490,000. Available through 200-plus insurance providers, Al-Suhaibani is confident that this latest founding - led by GSquare Investments, with the participation of Al Turairi and other investors - cements Morni’s goals.
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“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,” he said. “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."
Alongside the expansion of these services, the funding is intended to be used to provide coverage in more Saudi cities, while also launching services tailored to owners of luxury sports cars, including 300,000 sqm of accommodation and preservation storage in Riyadh.
