Saudi VMS acquires stake in Egyptian startup accelerator Cash Cows

Ahram Online , Sunday 25 Jun 2023

The Saudi startup supporter VMS has acquired a minority stake in the Egyptian startup accelerator Cash Cows, according to a press release on Sunday.

Signing ceremony. Cashcows.
Signing ceremony. Cashcows.


The transaction aims to connect the Egyptian and Saudi startup and entrepreneurship market and also help mobilize resources and expertise to boost the growth of startups in the Middle East and North Africa (MENA), according to the press release.

The partnership between Cash Cows and VMS includes launching a joint platform for exchanging ideas, collaboration and mutual learning between them to help investors and decision-makers in the realm of entrepreneurship.

Since its inception, the Cairo-based Cash Cows has been supporting numerous startups since to refine their operations and create successful growth strategies through its experience, knowledge and network of exceptional partners.

Egypt has passed legislation in recent years to encourage formation of start-ups as part of  overall state support to SMEs and MSMEs.

The country topped the MENA region in securing new funding for startups during 2022 with a total of $45.7 million.

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