The Saudi company Morni Holding has provided an undisclosed amount of funding 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 management, and road assistance services.
In order to become the top partner for insurance companies, the platform aims 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 with the Financial Regulatory Authority’s (FRA) type of license and approval.
It now has funding from the Saudi Arabian company Morni Holding, which has a variety of products to offer, including an electronic auction platform, the first third-party administrator of motor claims authorized by the Saudi Central Bank, and the first end-of-vehicle life facility in the Middle East, North Africa, and Europe (MENA).
The investment is a part of Morni Holding’s long-term strategy to make US$10 million in investments in the Egyptian market by 2030 through its exclusive advisor Exits Mena, a provider of investment services in the financial technology sector in Egypt and the Middle East.
Helpoo intends to use the funding to increase its customer base, grow its business, and develop new revenue-generating product lines. Additionally, Helpoo will receive technical and strategic support from Morni Holding through regular training sessions, exchanges of knowledge, and consultations.
“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.
