RIYADH: In recognition of a robust venture ecosystem and a growing aviation sector, Saudi Arabia’s travel technology startup FlyAkeed has secured $15.2 million in a series A funding round.
The financing was led by Sanabil Investments, a subsidiary of the Public Investment Fund, and saw contributions from Elm Co., Artal Capital, and Al Rajhi Partners, according to venture news platform Jawlah.
Founded in 2017, FlyAkeed’s platform integrates corporate travel policies, offering automated approval systems and enabling centralized management of employee bookings.
FlyAkeed CEO Bassam Al-Mohammadi stated that the series A funding round is a pivotal moment in the company’s growth trajectory.
“This significant financial milestone enables us to continue refining our current offerings while innovating new solutions that contribute to effective and satisfying travel experiences for both individual travelers and corporate travel managers,” said Al-Mohammadi.
The funding injection comes as part of FlyAkeed’s strategic expansion thrust aimed at strengthening its presence in Saudi Arabia and the Gulf Cooperation Council countries.
The capital infusion will also be directed toward the development of fintech solutions aimed at elevating user experiences for travelers while aiding corporations with cost-management tools for business trips.
Al-Mohammadi added: “We aim to offer them a seamless and cost-effective experience. We will also work to empower our suppliers and service providers in the tourism and travel sectors with the products and tools that contribute to the flourishing of tourism in the Kingdom and achieving Vision 2030.”
Moreover, a spokesperson from Sanabil Investments commended FlyAkeed for addressing the fundamental inefficiencies often associated with administrative tasks in corporate travel, affirming its full support for the firm’s future endeavors.
A representative from Elm Co. stressed the alignment of FlyAkeed’s offerings with its strategic goal of driving innovation in key market segments.
Saudi Arabia’s focus on nurturing entrepreneurship is yielding tangible results, as evidenced by startups in the Kingdom raising $446 million in the first half of 2023.
This figure places Saudi Arabia at the forefront of the Middle East and North Africa region, with a particular emphasis on the venture capital landscape.
According to the Dubai-based data analytics platform MAGNiTT, the Kingdom ranked second in terms of deal counts, facilitating 54 transactions compared to the UAE’s 60.
