PC: Startup Stash
This week, Dubai saw massive funding for several innovative startups, proving the city to be a thriving entrepreneurial hub. From a fintech, workforce management, and AI-driven dating platform, these companies have set the bar high for important strides in their respective careers. In this edition, too, lies an almost complete focus on Hulexo, a leading ERP provider, and its recent seed investment by Arzan VC, yet another active growth and expansion of tech startups in the region.
Ziina Raises $22 Million in Series A Funding
Dubai-based fintech startup Ziina has closed a $22 million Series A round led by Altos Ventures since it was founded in 2020, on track for rapid growth to support 50,000 retail and business customers. First launching as a P2P payment application, the company found a clear adoption amongst small businesses right away. Consequently, it has developed two segments: Ziina Business for SMEs and Ziina Personal for P2P payments.
In line with the growth in the SME market, Ziina introduced several innovations to the market: a payment gateway integrated into platforms like WooCommerce and Shopify, QR code-based point-of-sale systems, and even social media payment options. These are further complemented by CRM functionalities that assist businesses in managing customer data effectively.
Even with a global funding slowdown, the successful $22 million raise by Ziina testifies to investor confidence in its growth path given a 34% month-on-month customer growth with revenue increasing tenfold in the past year. “The UAE offered an SME-heavy market, product-led growth, plus a new licence from the central bank, which helped drive the round home,” says CEO Faisal Toukan.
Cercli Secures $4 Million in Seed Funding
Cercli is a Dubai-based platform for hiring, managing, and paying a global workforce. The company has just closed a $4 million seed funding round led by Silicon Valley-based Afore Capital. This is Afore’s first entry into the MENA region via its $150 million Fund III. The round was oversubscribed with participation from COTU Ventures, Y Combinator, Rebel Fund, and prominent individual investors such as Karim Atiyeh, the co-founder of Ramp, and Sebastian Mejia, the co-founder of Rappi.
The funding will also enable Cercli to take giant strides in the payroll and workforce management segment in the MENA region. With its single-point solution, Cercli aims to eliminate bureaucratic pain and compliance errors involved with managing a global workforce.
YouMatch Raises $1.5 Million in Seed Funding
YouMatch, an AI-driven dating app on the Telegram Open Network, announced it has closed $1.5 million in seed funding led by IOI Capital and with participation from a number of angel investors. YouMatch is the first app to announce a public funding raise on the Telegram platform, setting a benchmark for other apps built on the platform.
With this additional investment, YouMatch is going to accelerate its expansion into web and mobile applications, working to extend its market across Europe, the United States, and the MENA region. The company plans to build further onto its product in order to continue developing a more personalised conscious dating experience for its users.
Hulexo Secures Seed Investment from Arzan VC
Hulexo is an award-winning ERP provider based in Dubai, UAE, and has recently secured a seed investment courtesy of Arzan VC. Hulexo’s primary locations are in Khalidyah & DTEC, Abu Dhabi and Dubai. This investment portrays the commitment of Arzan VC towards early-stage technology companies and its fourth from Arzan VC Fund III.
- Expansion Plans and Market Growth
This new funding will see Hulexo expand to 300 retail locations by the end of 2025. The investment also allows Hulexo to expand into two new markets: Kuwait and Saudi Arabia. The company will further develop its service offering by developing partnerships with malls, payment providers, and licensing authorities.
Conclusion
This week’s funding activities have once again proved how lively and diverse the startup scene is in Dubai, ranging from fintech to workforce management, and from AI-driven technology development to developing the sector itself. The invested companies are about to scale and innovate. Recent investment by Arzan VC into Hulexo shows how bright the growth prospects of UAE-based technology startups can get. While the company is still growing its market presence and forging strategic partnerships, it keeps contributing to the region’s dynamic business outlook. While Dubai is on the front line of attracting investors from every part of the world, the city is also turning into the best hub for entrepreneurship and technology.
