16 hours ago
STV backs Morni via its newly launched NICE fund
Saudi Arabia-based automotive services platform Morni has raised an investment from STV, via its newly launched $100 million NICE fund.
Founded in 2015 by Salman Alsuhaibaney, Morni is a tech-first mobility platform transforming automotive services in Saudi Arabia.
The undisclosed investment will support Morni's evolution from a roadside assistance provider to an integrated ecosystem spanning auctions, insurance TPA, garages, and parts recycling.
In 2020, Morni closed a Series B round at $9.1 million.
press release:
STV, MENA's largest independent technology venture capital fund, has invested in Morni, a Saudi tech-enabled automotive services platform, from its newly launched $100 million NICE fund. The undisclosed backing reflects STV's confidence in Morni's vision as the company expands beyond its roots in roadside assistance to an integrated platform – now spanning roadside assistance, vehicle auctions, insurance third-party administration, and a nationwide network of garages and spare parts dismantling facilities.
Anchored by proprietary technology and a dedicated technology hub, Morni is building Saudi Arabia's most comprehensive automotive services ecosystem. The company is focused on delivering seamless, end-to-end solutions that serve drivers, insurers, and partners across the entire vehicle ownership lifecycle. Recent milestones include:
● UAE market launch
● Expansion of its digitally connected garage network to 75 facilities across the Kingdom
● Strategic leadership hires and a doubling of workforce to support regional growth
Salman Alsuhaibaney, Chairman and CEO of Morni, commented, "This partnership with STV comes at a defining moment as we transition to scaled execution. Our tech-enabled solutions are already delivering measurable impacts – as demonstrated by a 5-minute first notification of loss (FNOL) response time. With STV's support through a swiftly executed NICE structure that enables efficient scaling while preserving strategic flexibility, we will accelerate Saudi Arabia's mobility transformation and directly contribute to Vision 2030's road safety and quality of life goals.'
Abdulrahman Alageel at STV added, "Morni is not only addressing the current needs of drivers and insurers but is building the infrastructure for an end-to-end integrated and tech-enabled automotive value chain, with the core mission of a better car ownership journey for consumers. We believe in Morni's potential to drive sector-wide transformation in a sector that has traditionally struggled with inefficiencies."
