Egyptian Auto-Tech Startup Helpoo Secures Significant Funding From Saudi Arabian Company
Helpoo, an Egyptian auto-tech startup, has received an undisclosed sum of funding from Saudi firm Morni Holding to help it scale.
Helpoo is an integrated tech-enabled service application in Egypt that provides timely, high-quality motor vehicle insurance inspections, insurance claim management, and roadside assistance.
The platform aims to become the leading partner for insurance companies by setting new service standards in the field of inspection and damage assessment for motor vehicles and road rescue services. It is the only company in the world with this type of license and approval from the Financial Regulatory Authority (FRA).
It has now received funding from the Saudi Arabia-based firm Morni Holding, which provides a diverse range of products such as an electronic auction platform, the first third-party administrator of motor claims licensed by the Saudi Central Bank, and the region’s first end-of-vehicle life facility.
Morni Holding’s long-term plan to invest US$10 million in the Egyptian market by 2030 is being carried out 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 funds to expand its market presence, expand operations, and generate revenue streams through new product line extensions. Morni Holding will also provide technical and strategic support to Helpoo through ongoing consultations, training, and knowledge exchange.
“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, CEO of Morni.