FlyAkeed, a Riyadh-based corporate travel management platform, has raised SAR 94.3 million ($25.15 million) in growth funding combining equity investment and Murabaha sukuk financing, an Islamic finance structure. The funding was announced at LEAP 2026, an annual technology conference held in Riyadh. Sanabil Investments, an investment company owned by Saudi Arabia's Public Investment Fund, led the equity portion alongside Artal Capital, stc Group's corporate venture capital fund tali ventures, and Aljazira Capital.
FlyAkeed, founded in 2015 by Bassam Almohammadi, operates a platform allowing businesses to manage flights, hotels, ground transportation, approvals and travel policies through a single system. The company currently serves more than 150 corporate clients in Saudi Arabia, including the Public Investment Fund, mining company Maaden, golf operator Golf Saudi and the National Housing Company. Artal Capital also led the Murabaha sukuk financing portion of the deal.
The platform will use the funding primarily to launch and expand a deferred-payment offering for large enterprises, allowing corporate customers to settle travel invoices on more flexible payment terms. According to figures cited by FlyAkeed, Saudi Arabia's corporate travel spending exceeded $10 billion in 2024 and is projected to roughly double by 2033. Almohammadi said in a statement that enterprises "don't just want better software; they want better payment terms."
