Value Makers Studio Research
Investment Thesis
Value Makers Studio (VMS) is a Riyadh-headquartered venture studio and startup accelerator, founded in 2022 by Motaz Abuonq. VMS describes its mission as being "where innovation, strategy, and opportunity come together," combining capital with hands-on operational support: technology development, legal and IP support, marketing and sales strategy, and Saudi market-entry guidance. Rather than acting as a passive check-writer, VMS positions itself as a launchpad that reduces entrepreneurial risk for both homegrown Saudi founders and international/regional startups looking to enter the Kingdom.
Sector Focus
VMS invests across a diversified set of sectors rather than a single vertical:
- EdTech (EYouth, Akhdar, OBM Education, Career 180)
- Enterprise software / B2B SaaS (Awfar Solutions, CHART, Ballurh)
- E-commerce and marketplaces (Waffarha, Tshatib)
- Digital health (Arab Therapy)
- Marketing services (Intalq)
Several portfolio bets are AI-enabled B2B SaaS tools (e.g., Ballurh's AI-driven restaurant analytics platform), suggesting a growing appetite for applied AI/ML tooling layered on top of core sector plays.
Stage Focus
VMS focuses on seed-stage through early growth, with a strong emphasis on companies that already have initial traction in Egypt or elsewhere in MENA and are seeking to enter or scale in Saudi Arabia. Its VMS Accelerate program specifically targets "Seed and Seed+ stage companies with scalable models."
Check Size
Disclosed check sizes are modest and typically undisclosed in exact terms. VMS Accelerate provides up to EGP 1.5M (~$28K) per startup in its 3-month cohort program. Direct portfolio investments (Awfar, Akhdar, Career 180) have been reported in the press as "six-figure" USD sums, with at least one (Waffarha) described as a "seven-figure" round. VMS frequently co-invests or facilitates rounds alongside other investors (e.g., Den VC for Career 180, Falak Angels Network for Ballurh) rather than always being the sole check.
Lead Tendency
Unclear from available sources whether VMS typically leads. Coverage of its most recent deals (Ballurh, Arab Therapy, Career 180) frames VMS as a strategic/expansion partner facilitating Saudi market entry, often alongside another lead investor, rather than explicitly leading price-setting rounds.
Recent Activity
VMS has been active over the 2023-2026 period:
- November 2023: Invested in Awfar Solutions (B2B retail/delivery SaaS) and Akhdar (edtech book-summary app) to support their Saudi expansion.
- January 2025: Added Maged Harby (ex-EdVentures) as General Partner to lead investment strategy and portfolio development.
- May 2025: Partnered with Den VC on Career 180's six-figure round, backing the edtech platform's entry into Saudi Arabia, Oman, and Malta.
- September 2025: Announced strategic investments in Ballurh (restaurant SaaS) and Arab Therapy (mental health platform) as part of "VMS Bridge 2025."
- March 2026: Launched the first Cairo cohort of VMS Accelerate, planning to back seven Egyptian startups with up to EGP 1.5M each plus mentorship, ahead of a May 2026 program start.
- Published a "2025 Recap Report" in January 2026 summarizing the year's activity.
Portfolio Highlights
VMS reports 10-11 portfolio companies with a combined valuation of roughly $160M, drawn from over 1,500 applications received and a partner network of 50+ organizations. Notable names include Waffarha (Egypt's leading group-buying platform, 5M+ customers), Awfar Solutions (retail/delivery SaaS serving clients like Hyper One and El-Ezaby Pharmacies), EYouth (leading MENA/Africa edtech platform), and Ballurh (AI-powered restaurant intelligence platform processing SAR 1B+ in transactions).
Team
- Motaz Abuonq — Founder & CEO. Leads overall strategy and is the primary spokesperson in press coverage of new investments.
- Maged Harby — General Partner (joined January 2025). 17+ years in venture building and investment management, previously at EdVentures (Nahdet Misr's VC arm).
- Ahmed Rakha — Chief Financial Officer.
- Kholoud Awajah — Head of Projects & Partnerships.
- Ezzeldin Osama — Investment Manager (CFA candidate).
- Assem Omar — Marketing Manager.
- Awrad Ibrahim — Office Manager.
Decision Process
Likely a small-partnership decision process given the team structure (Founder/CEO, CFO, and a dedicated General Partner for investment strategy), though this is not explicitly disclosed.
Founder Preferences
VMS's public materials emphasize backing "ambitious entrepreneurs" and, notably, favor startups (often Egyptian or broader MENA) that already have a working product and want structured support entering the Saudi market — access to government/policy partners (NTDP, Ministry of Investment, Monsha'at), corporate partners (Microsoft), and regional accelerator networks.
Geographic Focus
Primarily Saudi Arabia (Riyadh HQ), with a strong bridge to Egypt (Cairo) via VMS Accelerate and a broader MENA lens (Oman, Malta mentioned for portfolio company Career 180's expansion).