Morni has raised an undisclosed investment from STV through its newly launched $100 million NICE fund, as the Saudi mobility platform expands into a full-stack automotive services ecosystem.
Founded in 2015 by Salman Alsuhaibaney, Morni began as a roadside assistance app. Today, it operates across roadside support, vehicle auctions, insurance TPA, garage networks, and parts recycling — with proprietary tech infrastructure powering end-to-end solutions for drivers, insurers, and logistics partners.
The company has launched operations in the UAE, expanded its digitally connected garage network to 75 facilities across Saudi Arabia, and doubled its workforce with a series of recent leadership hires. Morni previously raised $9.1 million in a 2020 Series B.
“This partnership with STV comes at a defining moment as we transition to scaled execution,” said Chairman and CEO Salman Alsuhaibaney. “Our tech-enabled solutions are already delivering measurable impacts – as demonstrated by a 5-minute first notification of loss (FNOL) response time. With STV’s support through a swiftly executed NICE structure that enables efficient scaling while preserving strategic flexibility, we will accelerate Saudi Arabia’s mobility transformation and directly contribute to Vision 2030’s road safety and quality of life goals.”
Abdulrahman Alageel at STV added: “Morni is not only addressing the current needs of drivers and insurers but is building the infrastructure for an end-to-end integrated and tech-enabled automotive value chain, with the core mission of a better car ownership journey for consumers.”
The investment comes via STV’s NICE Fund I, a $100 million non-dilutive capital vehicle launched in April 2025 with backing from SAB Invest and support from the National Technology Development Program (NTDP). Designed to provide Sharia-compliant, founder-friendly financing, the NICE fund uses a Callable Equity structure to support high-growth startups without equity dilution. Alongside Morni, the fund has also invested in RedBox and Invygo.
