Saudi Traveltech Startup FlyAkeed Raises $15.2M in Series A Round

FlyAkeed, a digital travel solutions provider, has announced the closing of a Series A investment round valued at SAR57 million ($15.2 million USD). The round was led by Sanabil Investments, a wholly-owned subsidiary of the Saudi Public Investment Fund, along with ELM and participation from Artal Capital and Al Rajhi Partners, according to Jawlah.

Founded in 2017 by Bassam Almohammadi, FlyAkeed initially provided a platform for individuals to find flight tickets with added benefits to build its customer base. It later developed a solution for both companies and individuals, offering a corporate booking engine for businesses of all sizes and individual travelers.

The company states that this investment round will contribute to expanding its services in additional regions within Saudi Arabia and the Gulf, while exploring further fintech solutions to enhance traveler experiences and aid companies in cost management for business trips.

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Bassam Al-Mahmoudi, CEO of FlyAkeed, commented, "The closure of the Series A investment round marks a significant milestone for FlyAkeed. We have set our goals and aspirations from the beginning, aiming to build technological solutions that improve cost management for our clients by providing an enhanced travel experience and an advanced system for managing business travel expenses."

He added, "This round will contribute to enhancing current products and developing new ones for our individual and corporate clients, providing them with a seamless and cost-effective experience. We will also work on enabling our suppliers and travel service providers with products and tools that contribute to the growth of tourism in the kingdom and support the realization of Vision 2030."

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