- With a cascade of promising opportunities, the Egyptian market provides an attractive investment ground for new and existing value chains. This lucrative market has driven multiple global and regional investors to increase their investment in Egypt.
Egypt-based fintech investment platform Exits.me finalised a new buy-side mandate with KSA-based Morni Holding earlier this month in Dubai, UAE, in the presences of Exits.me CEO and co-founder Mohamed Abu El Naga and Salman Al-Suhaibaney founder and Chief Commercial Officer of Morni Holding.
With a cascade of promising opportunities, the Egyptian market provides an attractive investment ground for new and existing value chains. This lucrative market has driven multiple global and regional investors to increase their investment in Egypt.
In light of their expansion plans across the region, Morni plans to invest $10 million in Egypt from now until 2030
The new buy-side mandate prompts Exits.me to act as Morni’s exclusive advisor, assisting them in their expansion strategy and fulfilling their growth objectives.
The mandate directly aligns with Exits.me’s mission to expand investment banking services to startups & SMEs in the Mena region through its automated platform and Morni’s mandate for geographic expansion across the region.
Morni, a startup founded by Salman Al-Suhaibaney, has already solved these problems in Saudi Arabia and across several locations in the GCC by providing the first roadside assistance technology application in the region using a network of +33,000 service providers.
The application was developed by a team of Saudi Youth with Badir Technologies Incubation Programme under the supervision and sponsorship of King Abdulaziz City for Science and Technology in 2014. The application allows users to request towing, battery replacement services, tire changes, fuel delivery and locksmith services on the road. Launched in 2015, Morni has been downloaded +2 million times, serving +1.2 million customers.
To date Morni has received funding of $14.7 million and continued to grow its product offering to include an electronic auction platform, the first third-party administrator of motor claims licensed by the Saudi Central Bank in the kingdom of Saudi Arabia, and introduced the first end-of-vehicle life facility in Mena aimed at helping insurers in their loss reduction initiatives as well as ensuring the implementation of environmentally friendly disposal of vehicles with zero waste.
Morni is currently implementing its expansion strategy, using Exits.me to mitigate mergers and acquisitions across the region within the Vehicle Roadside Assistance & Automotive Services Market.
Salman, who credits the inspiration behind Morni to a flat tire that forced him to wait for six hours at night in Riyadh to find help, is looking to use the mandate to expand his vision across broader untapped markets in Mena.
Under the newly signed mandate, Exits.me, which is already engaged in a pipeline of sell and buy-side advisory mandates with a tentative size of $250 million since its launch earlier this year, will be working to help Morni in its expansion strategy across multiple markets in the region within the sector of Road Side Assitance (RSA) & Automotive services.
The Global Vehicle Roadside Assistance Market size & share revenue was valued at approximately $23.6 billion in 2021 and is expected to reach around $34.8 billion by 2030, at a CAGR of 4.1 per cent between 2022 and 2030. The Mena region is an unsaturated market in the service sector of Vehicle Roadside Assistance, creating a highly lucrative market for expansion.
