Saudi-based VMS venture studio backs two Egyptian startups
Value Maker Studio (VMS) continues to make waves in Egypt's technology landscape, recently sealing two significant deals. The first involved a six-figure investment in Awfar, an Egyptian SaaS e-commerce startup founded by Abdelrahman Galal. This financial infusion will propel Awfar's expansion within the country, leveraging its integrated technology solutions for retail businesses.
Furthermore, OBM Education, a prominent institution providing college guidance and career readiness to Egyptian school students, announced a pivotal partnership with VMS. This collaboration will significantly boost OBM's presence in the Saudi Arabian educational market, driven by OBM Education's transformative Taleb Super App.
VMS is not just investing in these ventures but is also set to launch its "Bridge Programme" in early 2024. This program, in partnership with various organizations, will offer comprehensive support to startups, including funding, tech services, legal counsel, financial management, and HR expertise, thereby fostering growth and success in the ever-evolving business landscape.
The Middle East and North Africa (MENA) region is emerging as a technology company hotspot, with several factors driving its increasing appeal as a launchpad for startups. Local governments in the region are actively supporting the growth of the startup ecosystem through initiatives like incubation programs, accelerators, and government funding. This support paves the way for easier access to capital and essential resources for entrepreneurs, as global investors increasingly express interest in the region. E-commerce, financial technology, and supply chain management are among the thriving industries that have emerged in response to the proliferation of digital firms in the MENA region. These sectors stand to benefit significantly from further developments, potentially driving economic expansion. However, it's important to acknowledge that there is still a considerable distance to cover before the ecosystem reaches the level of maturity observed in other global tech hubs. Over the past few years, the MENA region has experienced notable growth, and we anticipate that this trend will persist in the foreseeable future.