Saudi Arabia’s automotive services platform Morni has secured an undisclosed investment from STV through its newly launched $100 million NICE fund, marking a significant milestone in the Kingdom’s mobility transformation journey. The investment will fuel Morni’s expansion from roadside assistance provider to a comprehensive automotive services ecosystem spanning vehicle auctions, insurance third-party administration, garages, and parts recycling.
By the Numbers
• $100 million – Size of STV’s newly launched NICE fund
• 75 facilities – Morni’s digitally connected garage network across Saudi Arabia
• 5 minutes – Morni’s first notification of loss (FNOL) response time
• 2x – Workforce expansion to support regional growth
• $9.1 million – Previous Series B funding round closed in 2020
A Strategic Evolution in Saudi Mobility
Founded in 2015 by Salman Alsuhaibaney, Morni has evolved from a roadside assistance provider into a tech-first mobility platform transforming automotive services across Saudi Arabia. The company’s proprietary technology and dedicated technology hub serve as the foundation for building the Kingdom’s most comprehensive automotive services ecosystem, addressing the entire vehicle ownership lifecycle.
How the Platform Works
Morni’s integrated platform delivers seamless, end-to-end solutions serving drivers, insurers, and partners through multiple touchpoints. The ecosystem includes roadside assistance services, vehicle auctions, insurance third-party administration, and a nationwide network of garages and spare parts dismantling facilities. The platform’s tech-enabled approach has already achieved measurable impacts, including the impressive 5-minute first notification of loss response time.
Recent Milestones and Expansion
The company has achieved several key milestones demonstrating its growth trajectory. Morni recently launched operations in the UAE market, expanded its digitally connected garage network to 75 facilities across Saudi Arabia, and doubled its workforce while making strategic leadership hires to support regional expansion plans.
About STV and the NICE Fund
STV, MENA’s largest independent technology venture capital fund, made this investment through its newly launched $100 million NICE fund. The fund structure enables efficient scaling while preserving strategic flexibility for portfolio companies. Abdulrahman Alageel at STV emphasized Morni’s potential to drive sector-wide transformation in an industry that has traditionally struggled with inefficiencies.
Significance for Saudi Arabia’s Vision 2030
This partnership comes at a defining moment for Saudi Arabia’s mobility sector transformation. According to Salman Alsuhaibaney, Chairman and CEO of Morni, the investment will accelerate the Kingdom’s mobility transformation and directly contribute to Vision 2030’s road safety and quality of life goals. The deal highlights growing investor appetite for integrated, tech-enabled mobility platforms in MENA, where traditional automotive services remain fragmented.
Looking Ahead
With STV’s backing, Morni is positioned to scale its operations and continue building infrastructure for an end-to-end integrated and tech-enabled automotive value chain. The partnership represents a shared ambition between STV and Morni to shape a more advanced, connected, and sustainable future of mobility in Saudi Arabia, with the core mission of improving the car ownership journey for consumers across the region.
Source: Wamda
