Morni Holding, a Saudi Arabia-based mobility solutions platform founded by Salman Al-Suhaibaney, has finalized a new buy-side mandate with Exits MENA that will see it invest up to $10 million in Egypt until 2030.
The mandate, which prompts Exits MENA to act as Morni’s exclusive advisor, will see the company target new acquisitions in Egypt in the mobility space in line with its strategic expansion plans as it moves to meet its growth objectives and expand its operation in the roadside assistance market.
Morni was founded in 2015 by Al-Suhaibaney to provide individuals and businesses in Saudi Arabia with towing and roadside assistance, as well as tire, battery, fuel delivery, and locksmith services.
Morni’s app, which serves over 1.2 million people, has been downloaded more than 2 million times since its inception seven years ago. The mobility solutions platform has raised at least $14.7 million, including a $5.6-million Series-A round in January 2019 and a $9.1-million Series-B round in December 2020.
According to the recently signed mandate, Exits MENA, which has been working on sell-side and buy-side advisory mandates with a potential value of $250 million since its launch earlier this year, will assist Morni in carrying out its expansion strategy across a number of markets in the region for the roadside assistance and automotive services sector.
Through the strategic partnership, Morni will expand its business in the global market for vehicle roadside assistance, which U.S. research firm Custom Market Insights projects will reach about $34.8 billion by 2030.
Shehail Alshehail, managing director of Morni, said “the opportunities within this sector are endless and highly underserved, especially within markets that have ageing vehicles and are prone to the need for roadside assistance.”
“The Egyptian market will be a valuable new addition as we begin multiple upcoming deals,” he added, “and will bring us closer to our goal of covering 100 million vehicles with our products by 2030.”