Thursday, May 23, 2024
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In a major move to revolutionize the roadside assistance and automotive services industry in the Middle East and North Africa (MENA) region, Saudi-based Morni Holding has successfully completed an investment deal through EXITS MENA, a prominent investment platform. Morni Holding aims to invest $10 million in the Egyptian market by 2030 and has chosen Helpoo, an Egyptian startup, as its latest venture.

Helpoo is a tech-enabled service application that offers efficient motor vehicle insurance inspections, insurance claim management, and road assist services in Egypt. With a goal to establish new service standards in vehicle inspection, damage assessment, and road rescue services, Helpoo aims to become the leading partner for insurance companies. The startup has the distinction of being the only company in Egypt with the required license and approval from the Financial Regulatory Authority (FRA).

Since its launch in 2015, Morni Holding has served over 1.2 million customers and offers a wide range of products, including an electronic auction platform, a licensed third-party administrator of motor claims, and an eco-friendly end-of-vehicle life facility in the MENA region. With the guidance of EXITS MENA, Morni Holding is strategically expanding its presence in the Vehicle Roadside Assistance and Automotive Services Market.

The investment in Helpoo signifies the resilience of the MENA region’s startup ecosystem and the growing need for strategic alliances to drive growth. This investment will enable Helpoo to enhance its market presence, expand operations, and generate additional revenue streams through new product offerings. Morni Holding will provide technical and strategic support to Helpoo through consultations, training, and knowledge exchange.

The deal aligns with EXITS MENA’s mission to extend investment services to startups and small and medium-sized enterprises (SMEs) in the MENA region, leveraging their automated platform. Morni Holding’s expansion plans in Egypt and across the region are in line with the increasing trend of mergers and acquisitions (M&A) observed since 2021. According to the EY MENA M&A Insights 2022 report, the region witnessed a record-breaking 13% increase in deal volume, with 754 M&A deals in 2022.

Shehail Alshehail, Managing Director of Morni, expressed excitement about the investment’s potential economic benefits, including attracting foreign capital, creating job opportunities, boosting economic activity, and driving technological advancements. He emphasized the significance of this investment in strengthening investor relations between Egypt and Saudi Arabia, paving the way for enhanced cooperation and expansion opportunities.

EXITS MENA will continue collaborating with Morni Holding to develop their expansion strategy in the Roadside Assistance and Automotive Services sector in Egypt, consistent with their goal of investing $10 million by 2030.

Salman Alsahibany, Morni’s Founder & Chief Commercial Officer, highlighted their intention to meet expansion goals and create more opportunities for existing businesses and jobs. He aspires to establish Morni as the regional leader in Roadside Assistance and Automotive Services through their Super-App.

EXITS MENA affirms that Morni Holding is on the path to building the next super app for roadside assistance. The investment in Helpoo Egypt accelerates this goal, providing a remarkable opportunity to enter the untapped Egyptian market and expand service offerings throughout the entire MENA region.

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