The Egyptian auto-tech firm Helpoo has received cash to assist in its expansion from the Saudi corporation Morni Holding.
The exact amount of this funding has not been made public.
Helpoo is an all-inclusive technology-enabled service platform that operates in Egypt. It offers motor vehicle insurance inspections that are prompt and complete, as well as insurance claim administration and roadside assistance services.
The platform intends to create new service standards in the areas of inspection and evaluation of damage for motor vehicles and road rescue services in order to become the leading partner for insurance companies.
This will allow the platform to fulfil its goal of becoming the top partner for insurance companies. It is the only company with a licence and permission from the Financial Regulatory Authority (FRA), which regulates financial services.
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It has now received funding from the Saudi Arabian company Morni Holding, which offers a variety of products, such as an electronic auction platform, the first third-party administrator of motor claims authorised by the Saudi Central Bank, and the first end-of-vehicle life facility in the Middle East, North Africa, and Europe (MENA). Morni Holding is also the first facility of its kind in the Middle East, North Africa, and Europe (MENA).
This transaction is a component of Morni Holding’s long-term strategy to make investments in the Egyptian market totaling US$10 million by the year 2030 through its exclusive advisor Exits Mena. Exits Mena is a supplier of investment services in the financial technology sector in Egypt and the Middle East.
Helpoo intends to put the funds towards expanding its customer base and business as a whole, as well as developing new product lines that will bring in revenue. In addition, Morni Holding will provide Helpoo with strategic and technical support in the form of frequent training sessions, knowledge exchanges, and discussions.
Statements from the Managing Director of Morni
“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, managing director of Morni.
About Helpoo
Helpoo is an integrated tech-enabled service application that provides quick and high-quality motor vehicle insurance inspections, insurance claim administration, and road assist services in Egypt. Helpoo also offers these services in other countries.Helpoo is a mobile application that may be used to give various driving assistance services. Helpoo was founded in 2022.
Morni provides financial support to Helpoo. On May 8, 2023, Helpoo successfully completed their most recent investment round, which was a Corporate Round round.Aurora Labs, Go Insurance, and First Help Financial are other companies that could be considered alternatives to Helpoo as well as potential competitors.
Helpoo users in Egypt have access to a comprehensive range of services, including roadside assistance and auto insurance. The Financial Regulatory Authority (FRA) has issued a licence to the newly established company.