FlyAkeed, a Riyadh-based travel and expense management solutions provider, has successfully raised $15.2 million in a Series A funding round co-led by Sanabil Investments, a wholly owned company by the Public Investment Fund, and Elm, a Saudi integrated digital solutions provider. The round also included participation from Artal Capital and Alrajhi Partners.
FlyAkeed 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 automated approval process, real-time expense management reports, extensive travel inventory, and a wide range of travel-led employee benefits.
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Proceeds from the round will be used by FlyAkeed to expand its offerings to more cities in Saudi Arabia and the GCC region, as well as to explore opportunities for fintech solutions that would further enhance the travel experience for individual and enterprise users.
Proceeds from the round will be used by FlyAkeed to expand its offerings 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.
Bassam Almohammadi, founder of FlyAkeed, said: “The successful close of this Series A round is a watershed moment for FlyAkeed. Fundamentally, we want to create technology-enabled solutions that help our customers achieve better cost controls through an optimized booking and expense management process. We believe this leads to a more efficient and fulfilling business traveler experience.
“This funding will allow us to expand our offerings to corporate and individual travelers alike, enabling an even more seamless and cost-effective experience. We will also work very closely with our suppliers and tour operator networks to provide them with the tools and solutions that will contribute to the flourishing Saudi tourism market in alignment with Vision 2030.”
Commenting on the announcement, Sanabil Investments said in a statement: “FlyAkeed is solving an administrative gap that has long led to inefficiencies in business-related travel. We believe in the company’s vision and potential and are fully committed to supporting FlyAkeed on its evolutionary journey to deliver impact to the travel experience in Saudi Arabia and beyond.”
Meanwhile, Elm said: “In our pursuit to foster innovation in essential sectors, we recognize FlyAkeed’s transformative approach to modernizing business travel. Our backing is a testament to our belief in FlyAkeed’s capacity to redefine travel and tourism, aligning seamlessly with Elm’s broader strategic goals.”
FlyAkeed was founded by Almohammadi in 2017 as a B2C-only platform providing online flight booking with additional perks that helped build its initial user base. Since then, the solution has expanded to an innovative B2B2C blended travel booking engine for corporates of all sizes in addition to individuals. The travel startup has navigated its way through multiple pivots especially during the pandemic, which on the other hand, indirectly helped in accelerating digital transformation in travel management for large corporations.
