Riyadh - Sharikat Mubasher: STV, the largest independent technology venture capital fund in MENA, announced its investment in the Saudi automotive services startup, Morni, through its newly launched $100 million NICE Fund.

This undisclosed investment reflects STV’s confidence in Morni’s vision as the company expands its businesses, a recent statement revealed.

Building Saudi Arabia’s most comprehensive automotive services ecosystem, Morni is now expanding its offerings to include roadside assistance, vehicle auctions, insurance third-party administration, and a nationwide network of garages and spare parts dismantling facilities.

The collaboration between STV and Morni reflects their shared commitment to shaping a more advanced, connected, and sustainable future of mobility in Saudi Arabia.

Morni’s expansion strategy includes launching operations in the UAE market, broadening its digitally connected garage network to 75 facilities across the Kingdom, and strategic leadership hires to accelerate regional growth.

Salman Alsuhaibaney, Chairman and CEO of Morni, said: “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.”

For his part, Abdulrahman Alageel at STV, commented: “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. We believe in Morni’s potential to drive sector-wide transformation in a sector that has traditionally struggled with inefficiencies."

Anchored by proprietary technology and a dedicated technology hub, Morni focuses on delivering seamless, end-to-end solutions that serve drivers, insurers, and partners across the entire vehicle ownership lifecycle.