Hulexo, an Abu Dhabi, UAE-based ERP solutions provider tailored for small and medium-sized retail stores, has secured seed funding.
Investors
The round was led by Arzan VC, marking its fourth investment under Fund III and reinforcing its commitment to backing early-stage tech ventures.
Arzan Venture Capital is a Kuwait-born VC firm that has been investing in startups with a MENA focus since 2015, making it one of the earliest VC firms in the region. Arzan VC’s portfolio includes over 45 startups, including three that have reached unicorn status. The firm invests in young, fast-growing, and innovative tech teams, remaining committed to building long-lasting relationships with the region’s most talented entrepreneurs at an early stage.
Hulexo Use of Funds
With this new investment, Hulexo aims to expand its reach to 300 locations by the end of 2025, enter new markets in Kuwait and Saudi Arabia, and form strategic partnerships with malls, payment providers, and licensing authorities.
About Hulexo
Founded in 2021 by Huzaifa Hameed, Ibrahim Al Rachdi, and Marwin Favila, Hulexo helps retailers streamline their operations by providing customized, subscription-based ERP systems. They also offer a decision engine that acts as a co-pilot for retail businesses, guiding them toward the most profitable decisions. In less than two years, Hulexo has successfully onboarded over 100 retail locations, including prominent names such as The Giving Movement, Transguard Group, and The First Group.
Funding Details
Company: Hulexo
Raised: $1.2M
Round: Seed Round
Funding Date: August 2024
Lead Investor: Arzan VC
Company Website: https://www.hulexo.com/
Software Category: Retail ERP
Source: Dr. Dominika Malhas, Arzan VC, Communication & Investor Relations Manager