The Saudi company Morni Holding has provided an undisclosed amount of financing to the Egyptian auto-tech startup Helpoo to help it grow.
In Egypt, a comprehensive tech-enabled service platform called Helpoo provides quick, thorough motor vehicle insurance inspections, insurance claim processing, and road assistance services.
In order to become the top partner for insurance companies, the platform wants to establish new service standards in the areas of inspection and damage assessment for motor vehicles and road rescue services. It is the only business having the Financial Regulatory Authority’s (FRA) type of license and approval.
Now it has funding from Morni Holding, a company based in Saudi Arabia that provides a wide range of goods, including an electronic auction platform, the first third-party administrator of motor claims to be authorized by the Saudi Central Bank, and the first end-of-vehicle life facility in the MENA.
Through its exclusive advisor Exits Mena, a supplier of investment services in the financial technology sector in Egypt and the Middle East, the transaction is a part of Morni Holding’s long-term ambition to invest US$10 million in the Egyptian market by 2030.
Helpoo will use the funding to strengthen its market footprint, expand operations, and generate revenue streams through new product line extensions. Morni Holding will also provide Helpoo with technical and strategic support through ongoing consultations, training and exchange of expertise.
“We are thrilled to announce that our recent investment in the Egyptian roadside assistance industry will have far-reaching and positive implications. It will drive potential economic benefits by attracting foreign capital and expertise, creating jobs and boosting economic activity, and spurring technological advancements and innovation as we bring our cutting-edge technologies and best practices to help propel Helpoo into its next growth phase. Moreover, this investment marks a significant step in fostering strong investor relations between Egypt and Saudi Arabia, paving the way for increased cooperation and expansion opportunities,” said Shehail Alshehail, managing director of Morni.