The Saudi Arabia-based travel startup FlyAkeed announced it raised $15.2 million in a Series A round, according to the company.
The investment round was led by PIF’s Sanabil Investments and Elm Company, with participation from Artal Capital and Al Rajhi Partners, according to news reports.
The startup, founded in 2017 by Bassam AlMohammadi, provides a platform for flights and travel bookings for both customers and businesses.
The travel tech startup is empowering businesses to monitor the travel expenses of their employees and manage the full process of ticketing through real-time insights.
With the funding, FlyAkeed will be able to execute its expansion plan and develop the fintech technologies for better user experience for travelers and corporate accounts.
The travel and tourism market in Saudi Arabia is expected to grow by 3.8 % during the coming four years and to have a market value at US$446 million by 2027.
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