FlyAkeed, a Saudi Arabia-based traveltech startup that offers a flight-booking platform, has raised $15.2 million in Series A funding.
SaaS Investors
The round was led by PIF’s Sanabil Investments and Elm, with participation from Artal Capital and Alrajhi Partners.
Sanabil Investments is a wholly owned company by the Public Investment Fund (PIF). Founded in 2009, the firm focuses on venture, growth, and small buyout assets, irrespective of geography or sector.
Elm is a provider of innovative secure services and solutions to both the public and private sectors in Saudi Arabia. It provides ready-made e-services and training, customized IT solutions and training, governmental support services, and consultations.
FlyAkeed Use of Funds
Proceeds from the round will be used to expand its offering to more cities in Saudi Arabia and the GCC region. In addition, the Company will explore opportunities for fintech products and solutions that would further enhance the travel experience for individual and enterprise users.
About FlyAkeed
Founded in 2017 by Bassam AlMohammadi, FlyAkeed is a SaaS company that provides automated travel and expense solutions for corporates and travel managers. The company adopts a traveler-centric model that links travel policy, online booking, and expense management to create a more seamless omni-channel experience for business travelers. FlyAkeed's platform also allows businesses to easily manage and track employee travel expenses, thereby streamlining the process and reducing costs. It includes features such as an automated approval process, real-time expense management reports, extensive travel inventory, and a wide range of travel-led employee benefits.
Funding Details
Company: Akeed Holdings Limited.
Raised: $15.2M
Round: Series A
Funding Month: August 2023
Lead Investors: PIF’s Sanabil Investments and Elm
Additional Investors: Artal Capital and Alrajhi Partners
Company Website: https://flyakeed.com/
Software Category: Automated Travel and Expense Solution
Source: https://www.sanabil.com/en/news/details/13