Saudi Arabia’s Morni to invest $10 mln in Egypt to acquire mobility startups

Saudi Arabia-based mobility solutions platform Morni will invest $10 million in Egypt through a signed buy-side deal with Egypt’s fintech investment platform Exits.me, the two sides announced on Tuesday.

Under the agreement, Exits.me will act as Morni’s exclusive advisor, help them in their expansion strategy, and fulfill their growth objectives, according to the statement.

Early this month, the deal has finalised in Dubai by the CEO of the Exits.me platform Mohammed Abu Al Naja Najati and Salman Al Suhaybani, founder of Morni, and plan to start expansion in the first quarter of 2023.

Exits.me appreciates Morni’s trust to be their buy-side adviser in the region, said Al-Suhaibaney, hoping to create an impactful footprint for them implementing their expansion strategy in the coming years.

From his side Abu El-Naga added the deal aligns with Exits.me’s mission “in helping startups and SMEs with their investment deals and creating a harmonious post-deal environment for all parties involved.”

Both countries have had booming start-up scenes, despite recent global economic challenges putting a slight damper on investments. They often rank in the top three in Mena funding, along with the UAE.

Egyptian start-ups have raised a total of $488 million in the first 10 months and Saudi Arabian start-ups have raised $864 million, according to Dubai-based entrepreneurship platform Wamda.