Saudi corporate travel technology platform Flyakeed has raised SAR94.3M ($25.15M) in growth funding, combining equity investment with Sharia-compliant financing.
The equity round was led by Sanabil Investments, the Public Investment Fund-owned investment firm, with participation from Artal Financial, stc’s corporate investment fund tali ventures and Aljazira Capital. Artal Financial also led a murabaha sukuk facility structured for the Kingdom’s growing software-as-a-service sector, according to the announcement.
Flyakeed said the funding will primarily support a new embedded billing system that allows more companies to pay travel invoices on deferred terms.
Founded in Riyadh, Flyakeed provides a unified platform for booking flights, hotels and ground transport, while helping companies manage travel policies, approvals and spending through a central dashboard. The company said it currently serves more than 150 large corporate clients in Saudi Arabia.
The company said business travel spending in Saudi Arabia exceeded $10B in 2024 and is expected to nearly double by 2033. Despite that growth, many companies still manage travel through phone calls, email and spreadsheets, limiting financial visibility and increasing out-of-policy spending.
Flyakeed did not disclose a valuation or the split between equity and debt financing.
Source: Jawlah
