In a significant move aimed at enhancing innovation and supporting the entrepreneurial environment and startup companies in Egypt, Saudi Arabia, and the wider Arab region, Saudi VMS has announced its acquisition of a minority stake in Cash Cows, an Egyptian startup accelerator. This strategic partnership agreement serves as a bridge between the Saudi and Egyptian startup sectors and aims to bring together resources, expertise, and support to help startups in the region thrive.
Cash Cows and VMS, two leading accelerators for startups in the Middle East and North Africa, recognize the need for collaboration and joint efforts to provide resources and support for startups and to create a clear roadmap for investors to excel in the highly competitive market of the region. As part of their partnership, Cash Cows and VMS will launch a joint platform for idea exchange, collaboration, and mutual learning. This platform will facilitate access to crucial decisions that ensure the success of startups, investors, and entrepreneurs.
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Motaz Saleh Abuonoq, the Founder and CEO of VMS, expressed his pleasure in collaborating with Cash Cows, highlighting their extensive experience in the entrepreneurship sector, particularly in the Egyptian market. Cash Cows boasts innovative startups and significant investment opportunities driven by a growing population, representing a broad customer base and a pool of talented innovators, idea owners, and entrepreneurs. The strategic partnership with Cash Cows has enabled VMS to successfully achieve its goal of expanding into the Egyptian market.
VMS, headquartered in Saudi Arabia, utilizes its vast expertise to support startups and foster their growth through a comprehensive range of guidance, financing, networking, and investment programs. Meanwhile, from its Cairo headquarters, Cash Cows has been instrumental in supporting numerous startups, helping them refine their operations and create successful growth strategies. Through its extensive experience, knowledge, and network of exceptional partners, Cash Cows has built strong brands in a highly competitive market, resulting in successful investment deals for supported startups at various financing stages.
Ahmed Reda, the Managing Partner and CEO of Cash Cows, expressed pride in partnering with VMS, particularly as supporting startups and entrepreneurship has become a priority for the future of the Saudi economy. This commitment is reflected in the performance of companies and the successful financing deals achieved. Supporting startups is an essential part of Saudi Arabia’s Vision 2030, making the expansion into the Saudi market through the partnership with VMS a golden opportunity to enter this promising market with an expert company in the entrepreneurship sector.
Mohamed Nagaty, Partner at Cash Cows, explained that the partnership with VMS would build a bridge between Egypt and Saudi Arabia for startups, expanding the scope of operations for both companies and discovering more opportunities. Additionally, this collaboration would support the growth potential of startups by combining the experiences resulting from the partnership. The strategic partnership between Cash Cows and VMS presents an opportunity for both companies to benefit from experiences and opportunities available in their respective markets, opening new avenues for expansion and broadening their customer base beyond national borders.
Cash Cows’ expertise in the Egyptian entrepreneurship market and its startups, combined with VMS’s purchasing power, enriches the portfolios of their clients. In return, VMS offers its expertise in the Saudi market to Cash Cows, including business development, marketing, government support, legal and accounting services, and access to a wide range of investors and financial funds.
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Among Cash Cows’ portfolio of partners, clients, and brands from Egyptian startups are CheckMe, a medical analysis platform; GoFuel, the first Egyptian fuel supply platform; Healthtag; ElGameya; CowPay; Waffarha, a discounts and coupons platform; and IQ, an education technology platform. These startups will strengthen VMS’s list of partners, which already includes ETTAR, Dawafast, CHART, Mobelia, and iSchool.
Charles Rapulu Udoh
Charles Rapulu Udoh is a Lagos-based lawyer, who has several years of experience working in Africa’s burgeoning tech startup industry. He has closed multi-million dollar deals bordering on venture capital, private equity, intellectual property (trademark, patent or design, etc.), mergers and acquisitions, in countries such as in the Delaware, New York, UK, Singapore, British Virgin Islands, South Africa, Nigeria etc. He’s also a corporate governance and cross-border data privacy and tax expert.
As an award-winning writer and researcher, he is passionate about telling the African startup story, and is one of the continent’s pioneers in this regard