Morni, a startup based in Riyadh, has raised $9.1 million in a Series B round led by Saudi investment company G Square Investments. The involvement of some other investors was also included in the round. Before that Morni raised $1.1 million in 2016 from Raed Ventures and 500 startups.
Its online and mobile-based network provides individuals and businesses towing and roadside assistance solutions. The solutions are available in the form of subscriptions and on-demand.
Morni, which was launched in 2015, claims to have so far provided services to over 600,000 Saudi customers and says it has 490,000 annual subscribers. The company also has more than 2,000 insurance and car rental firms that use its facilities.
The annual subscription costs around $50 (SAR 200), which enables customers to obtain some of its free services for a limited number of times.
Startup Morni also provides tire, battery, fuel delivery, and locksmith facilities apart from towing. Full accident remedies can also redeem by vehicle owners involved in a car accident; beginning from the accident site to completing all procedures with the appropriate authorities and then returning the vehicle to the owner’s doorstep.
With its supply of tow trucks coming from partners and freelancers, Morni uses an Uber-like marketplace model.
Moreover, the Morni also initiated an auction platform where the company sells the vehicles involved in different types of accidents.
The Saudi start-up said it aims to use the latest funds to extend its services in more of the Kingdom’s cities. A portion of the funds will be utilized to enhance insurance firms’ debris disposal programs and comprehensive injury remedies for both individuals and companies.
“It also seeks to introduce new products for classic and luxury sports vehicle owners to provide the highest levels of preservation and accommodation through storage areas in Riyadh of over 300,000 square meters.”