Saudi Arabian travel-tech platform Flyakeed and the UAE-based robotics solutions provider Maxbyte secured Series A capital this week while crypto exchange BitOasis raised funding from India’s CoinDCX.
Meanwhile, Saudi Arabia’s largest car leasing firm, Lumi Rental Company, said it will float a 30% stake in an initial public offering on the main market of the Saudi Stock Exchange (Tadawul).
Lumi was set up in 2006 by Seera Group Holding. It has a fleet strength of 24,730 vehicles as of April 30, 2023. It will offer 16.5 million shares in the IPO.
FlyAkeed, a Saudi Arabia-based traveltech startup, raised $15.2 million in a Series A round led by Public Investment Fund’s (PIF) subsidiary Sanabil Investments and Elm Company to expand its digital offerings in its home market and other countries in the Gulf Cooperation Council region.
The round also saw participation from Artal Capital and AlRajhi Partners.
Founded in 2017 by Bassam AlMohammadi, Flyakeed helps businesses manage corporate travel. It integrates corporate travel policies, offers automated approval systems, and enables centralized management of employee bookings.
Abu Dhabi-based integrated digital and robotics solutions provider Maxbyte secured $5 million in Series A funding from e& Capital, the investment arm of global technology conglomerate e&, formerly known as the Etisalat Group.
The funding will facilitate Maxbyte’s geographical expansion and product development.
Founded in 2016 by Ramshankar CS, Maxbyte offers Industry 4.0 solutions to the automotive, defence, utilities, and food and beverage sectors. It provides an array of services including digitizing industrial value chains to smart factories, and robotics and automation solutions for enabling autonomous factories.
BitOasis, the Middle East’s first and the largest cryptocurrency exchange platform, secured investment from Indian digital assets platform CoinDCX to drive geographical expansion and growth. Other investors included Wamda Capital and Jump Capital.
Founded in 2016 by Ola Doudin in the UAE, BitOasis offers a digital asset wallet and exchange to buy, sell, and trade over 60 cryptocurrencies. The exchange is available in over 15 countries across the Middle East and North Africa region. It says it has processed over $50 billion in trading volumes.
Incidentally, BitOasis had its licence suspended by Dubai's crypto regulator, the Virtual Assets Regulatory Authority (VARA), in July following the platform's inability to meet mandated conditions set by the authority. Following that, the exchange said that it would not accept any new clients until it fully complied with VARA requirements but would continue to provide broker-dealer services to existing retail users.