Morni, a Riyadh-based roadside assistance startup has announced that it raised $9.1 million in a Series-B round led by Saudi investment firm G Square Investments. The round was participated by a few other investors as well who made notable contributions.
Prior to this round, Morni had pulled another seven-digit fundraising in 2016 by drawing $1.1 million from 500 Startups and Raed Ventures.
Morni’s app- and the web-based platform provides vehicle users with timely towing and roadside assistance solutions. The company’s services are available for both corporates and individual users.
Morni claims to have served more than 600,000 customers in Saudi Arabia in its more than five years of operations. At just under 500,000, the company has earned itself sizeable annual subscribers.
Morni says its annual subscription package costs just around $50 (SAR 200). The company’s services include towing, fuel delivery, tire, and battery repair/replacement, as well as locksmith services.
Morni relies on a Uber-like business model built on tow trucks provided by partners and freelancers.
The company has stated with the new capital at its disposal, it will now expedite the rate of expansion to other Saudi cities.
Speaking on the decision to invest in Morni, Bassam Al-Wabel, a partner at G Square Investment Company, said, “We believe that this investment round will help the system grow in an integrated and accelerated manner, which will support the digital economy in the Kingdom to raise the customer’s experience and reduce the circulation of cash. We are working to ensure that the system has an added value to the Saudi economy and is ready for public offering in the coming years.”