Startup

Morni signs an agreement with Exits MENA to invest $10m in Egypt through a new buy-side mandate

Morni Holding and Exits.me finalized a new buy-side mandate earlier this month, Morni plans to invest $10 million in Egypt until 2030.

The new buy-side mandate will make Exits.me Morni’s exclusive advisor and assist them in their expansion strategy and growth objectives. Its expansion strategy is to mitigate mergers and acquisitions across multiple markets in the region within the vehicle roadside assistance & automotive services market.

“The opportunities within this sector are endless and highly underserviced, especially within markets that have aging vehicles and are prone to the need for RSA. We are excited to reach strategic milestones in establishing the first deals with multiple partners presented to Morni by the Exits team over the next period. The Egyptian Market will be a worthwhile new addition as we start multiple upcoming deals, and will get us closer to our goal to cover 100 million vehicles with our products by 2030,” Shehail Alshehail, Managing Director of Morni, said.

Morni is a Saudi-based startup founded by Salman Al-Suhaibaney in 2015 that provides roadside assistance technology using a network of more than 33K service providers. The application allows users to request towing, battery replacement services, tire changes, fuel delivery, and locksmith services on the road.

The post Morni signs an agreement with Exits MENA to invest $10m in Egypt through a new buy-side mandate appeared first on WAYA.

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