Exits Mena completes Saudi Morni investment in Helpoo Egypt with $10mln
EXITS MENA investment platform has announced on Monday its success in completing a deal on behalf of Saudi-based Morni Holding to invest with $10 million in the Egyptian Startup company Helpoo.
Morni Holding’s move comes as part of a long-term plan to invest in the Egyptian market by 2030, through their exclusive advisor Exits Mena, a leading provider of investment services in the financial technology sector in Egypt and the Middle East.
Helpoo is the only company with its type of license provided by FRA and an integrated tech-enabled service application that offers timely, high-quality motor vehicle insurance inspections, insurance claim management, and road assist services in Egypt.
Shehail Alshehail, Managing Director of Morni, said “we are thrilled to announce that our recent investment in the Egyptian Roadside Assistance industry will have far-reaching and positive implications.”
EXITS MENA asserts that Morni is well on its way to building the next super App with roadside assistance, and the investment in Helpoo Egypt to expedite this goal as it provides them with a substantial opportunity.
This substantial opportunity will help to penetrate a highly unsaturated market like Egypt and allows them to expand their service offering across the entire region, according to the statement.
This step will bring Morni cutting-edge technologies and best practices to help propel Helpoo into its next growth phase, as it marks a significant step in fostering strong investor relations between Egypt and Saudi Arabia, Alshehail added.
Moreover, Morni Holding will also provide Helpoo with technical and strategic support through ongoing consultations, training and exchange of expertise, the statement mentioned.
It also will drive potential economic benefits by attracting foreign capital and expertise, creating jobs and boosting economic activity, and spurring technological advancements and innovation.
Helpoo aims to set new service standards in Inspection and Damage Assessment for Motor Vehicles and Road Rescue Services field, and become the leading partner for insurance companies.
The investment will facilitate Helpoo in strengthening its market footprint, expanding operations, and generating revenue streams through new product line extensions, the statement added.
Salman Alsahibany, Morni’s Founder, added “we plan to meet our expansion goals and find the best matches for them in the next few years. We look forward to creating more opportunities for existing businesses and jobs…”
Morni Holding, launched in 2015, has served over 1.2 million customers and offers a diverse range of products, including an electronic auction platform, the first third-party administrator of motor claims licensed by the Saudi Central Bank.
