Riyadh - Sharikat Mubasher: The Saudi-based venture studio, Value Maker Studio (VMS), secured a six-figure funding for the Egyptian e-commerce startup, Awfar.com, to accelerate its expansion into the Saudi market, a recent statement revealed.
Through its partnership with VMS, Awfar.com will leverage VMS’ Bridge Program which is designed to empower Egyptian tech startups to seamlessly expand into the Saudi Arabian market. The program is scheduled to launch in January 2024, with applications opening this November.
VMS aims to help entrepreneurs succeed, reduce risks, and offer them a range of support services, including financial, technical, legal, HR, and recruitment using its extensive experience, resources, and network.
Motaz Abuonq, Founder of VMS, stated that the program represents a “significant commitment” to fostering and supporting startups.
“This initiative is a testament to our dedication to fostering growth, facilitating connections, and empowering companies to thrive as they expand into new markets. We are excited about the opportunities it will create for our partners and the positive impact it will have on the entrepreneurial ecosystem," Abuonq added.
For his part, Abdelrahman Galal, CEO and Co-founder of Awfar.com, described the partnership with VMS as a significant milestone in the platform’s journey.
He said:” VMS' Bridge Program has been instrumental in helping us overcome the challenges of entering the Saudi market. In less than a month, we were able to secure contracts and establish partnerships with major chains in Saudi Arabia."
The three-day Bridge Program will consist of intensive training and mentoring sessions, providing insights into the Saudi market and its investment landscape, identifying target audiences, understanding customer requirements, crafting compelling sales pitches, and addressing other crucial aspects to facilitate the expansion journey for Entrepreneurs.
VMS is a pioneer in value-focused innovation. It aims to empower exceptional entrepreneurs, drive technological innovation, foster job creation, and secure a strategic foothold within the Saudi market.
Meanwhile, Awfar.com is a leading provider of customer engagement and e-commerce solutions. It specializes in omnichannel communication, sales channel optimization, e-commerce integration, and delivery management solutions.
