Saudi Arabia’s VMS acquires minority stake in Egypt’s Cash Cows

CAIRO - 25 June 2023: Saudi Arabia’s venture studio, VMS, has acquired a minority stake in Egypt’s startup accelerator Cash Cows today to support the entrepreneurship ecosystem in both countries as part of a strategic partnership agreement.

Through the partnership between Cash Cows and VMS, they will launch a joint platform for exchanging ideas, collaboration and mutual learning between them to help investors and decision-makers in the entrepreneurship ecosystem.

The partnership aims to connect Egypt’s and Saudi Arabia’s startup and entrepreneurship market and also help in mobilizing resources and expertise to boost the growth of startups in the Middle East and North Africa (MENA).

Egypt has been making strides to develop Egypt’s entrepreneurship ecosystem and support startups. Recently, the Egyptian government issued a decision to establish a permanent unit in the Egyptian cabinet tasked with proposing appropriate policies, laws, and regulations for the growth and prosperity of startups in Egypt.