Helpoo, an auto-tech startup based in Egypt, has successfully raised an undisclosed amount of funding from Saudi firm Morni Holding. The investment will support Helpoo's expansion plans and enable the company to scale its operations.

Helpoo operates as an integrated tech-enabled service application that offers efficient motor vehicle insurance inspections, insurance claim management, and road assistance services in Egypt. The platform aims to set new industry standards in vehicle inspection, damage assessment, and road rescue services, positioning itself as a trusted partner for insurance companies. It holds a unique license and approval from the Financial Regulatory Authority (FRA).

Morni Holding, a Saudi Arabia-based firm, provides a diverse range of products and services, including an electronic auction platform, the first third-party administrator of motor claims licensed by the Saudi Central Bank, and the first end-of-vehicle life facility in the MENA region. The funding from Morni Holding is part of its long-term plan to invest $10 million in the Egyptian market by 2030, facilitated by its exclusive advisor Exits Mena, which specializes in investment services in the financial technology sector in Egypt and the Middle East.

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The funding secured by Helpoo will be utilized to strengthen its market presence, expand operations, and explore new revenue streams through the extension of its product offerings. In addition to financial support, Morni Holding will provide Helpoo with technical and strategic assistance, including ongoing consultations, training, and knowledge exchange.

Shehail Alshehail, Managing Director of Morni, expressed enthusiasm about the investment, stating,

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, boosting economic activity, and promoting technological advancements and innovation. We are excited to bring our cutting-edge technologies and best practices to help propel Helpoo into its next growth phase. Moreover, this investment strengthens investor relations between Egypt and Saudi Arabia, paving the way for increased cooperation and expansion opportunities.

With the backing of Morni Holding, Helpoo is well-positioned to accelerate its growth trajectory, enhance its service offerings, and further establish itself as a leader in the Egyptian auto-tech sector.