FlyAkeed Secures $25.15 Million Growth Funding
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The Saudi platform FlyAkeed, specializing in corporate travel management technologies, has secured growth funding of 94.3 million Saudi Riyals ($25.15 million), combining equity investment and financing through Murabaha Sukuk. The equity investment was led by Sanabil Investments, fully owned by the Public Investment Fund, with participation from Artal Capital and Tali Ventures, the venture capital arm of the STC Group, as well as Al-Jazira Capital. Artal Capital led the Murabaha Sukuk financing. Founded in 2015 by Bassam Al-Mohammadi and based in Riyadh, FlyAkeed provides a platform for managing corporate travel that includes flight and hotel bookings, ground transportation, as well as managing approvals, travel policies, and expenses. The funding will primarily be used to support and launch a deferred payment solution integrated into the platform, aimed at large companies, allowing clients to settle travel bills with more flexible payment terms.
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