Saudi Arabia-based venture studio VMS has acquired a minority stake in Egyptian start-up accelerator ‘Cash Cows’ as part of a strategic partnership agreement aimed at supporting the entrepreneurial ecosystem in both countries, reports say.
‘Cash Cows’ in a press release indicated that the partnership aims to bring together resources, expertise and support to help the region’s start-ups grow and succeed.
Per the press release, the two companies agreed to collaborate to provide resources and support for start-ups and investors in the Middle East and North Africa region.
“Supporting start-ups and entrepreneurship has become a priority for the future of the Saudi economy. This is reflected in the performance of companies and the successful financing deals achieved,” Ahmed Reda, managing partner and chief executive of ‘Cash Cows’, said. “Supporting start-ups is an essential part of Vision 2030. Hence, our expansion into the Saudi market through our partnership with VMS is a golden gateway to enter this promising market”, he emphasized.
“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.
The North African country has passed legislation in recent years to encourage formation of start-ups as part of overall State support to SMEs and MSMEs.
