Friday, May 24, 2024

Morni Raises $9.1 Million in Series B to Grow Its Vehicle Logistics Services in KSA

With the participation of Al Turairi and other investors, Morni, the Saudi Arabia-based platform offering vehicle logistics services, has raised a $9.1 million (SAR 34.3 million) funding round led by GSquare Investments.

The startup provides towing and roadside assistance to individuals and businesses, both on-demand and subscription-based solutions through online and mobile applications. It helps users in emergency situations to obtain advanced logistics services for vehicles. Morni also offers full solutions, from arriving at the accident scene to the vehicle’s delivery to its final destination.

They have offered services to more than 600,000 KSA clients with an annual membership of 490,000 and now, services are open to more than 200 insurance firms and car rental agencies.

The vision of Morni is to help care for millions of vehicles every day across the MENA region and be the chosen supporting partner in our top markets for automotive stakeholders

“This funding will allow the company to continue to lead the automotive and post-accident services sector, as it will benefit from the growth of vehicle preservation, debris management and support services for vehicle claims. This will lead to the annual provision of more than 3B Riyals from financial waste in the vehicle insurance sector, by offering creative strategies for coping with vehicle insurance,” says Salman Al-Suhaibani, founder of Morni. 

In order to continue expanding its vehicle logistics services to cover more cities, Morni plans to use the newly raised funds, specifically debris management services for insurance firms and extensive accident solution services in different parts of the Kingdom. It also aims to develop new items for classic and luxury sports vehicle owners, to have the highest standards of preservation and accommodation in Riyadh across storage areas of more than 300,000 square metres.

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