Egypt’s E-commerce Awfar Raises Funds From KSA’s VMS

Egyptian software as a service (SaaS) Awfar secured six-figure funding from Saudi Arabia’s Value Maker Studio (VMS) to expand into the Saudi market, the company said in a press release.

Awfar, which was founded in 2020 by Abdelrahman Galal, offers retail businesses integrated technology solutions such as cloud-based services, point of sale (POS), commercial and operational reporting, and delivery management solutions. The startup also provides businesses with retail aggregators, third party logistics providers, analytics and marketing support. Awfar’s portfolio includes pharmacies, restaurants, e-shops, analytics laboratories, real estate companies, and retail businesses. 

VMS is a Riyadh-based venture studio that aims to facilitate startups entry into the Saudi market. In addition to supporting early stage and pre-seed startups navigate the startup ecosystem, it helps them secure access to funding and expand their networks in the Kingdom.

VMS's three-day Bridge Program, which is due to launch next year, which will support Egyptian tech startups in the seed and pre-Series A stage as they expand into Saudi Arabia. The program will provide training and mentorship to startups, helping them navigate the Saudi market and supporting them as they identify target audiences and understand customer behavior. The Bridge Program is being conducted in partnership with the Arab Academy for Science and Technology and Maritime Transport (AASTMT), the Egyptian Federation of Chambers of Commerce (FEDCOC), Digital Economy and Technology General Division, Adventurers, Cash Cows, U Youth and FALAK Startups. 

Last week, VMS led a six-figure funding round in Egypt-based edtech OBM Education, which will facilitate the startup's expansion into the Saudi market.