SaaS company Penny Software, situated in Saudi Arabia, has raised a pre-Series A funding round from Iliad Partners, GSI, and US-based Knollwood Investments. The round was also attended by existing investors, such as Dallah Investment, Hambro Perks Oryx Fund, Class 5 Global, Altuwajiri family fund, and strategic angel investors, for an undisclosed sum.
Penny Software is a B2B SaaS procurement firm that was founded in 2020 by Iyad Aldalooj, Majid Aldalooj, and Mohamad Ibrahim. It digitizes the complete Source-to-pay process, improving expenditure efficiency, governance, and compliance.
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Leading Saudi B2B SaaS procurement firm Penny Software is excited to announce the successful closing of its Pre-Series A funding round. Iliad Partners, along with GSI and US-based Knollwood Investments, contributed a sizeable investment. Our current investors, which include Dallah Investment, Hambro Perks Oryx Fund, Class 5 Global, Altuwajiri family fund, and strategic angel investors, have also continued to support us as we’ve reached this milestone. Investors including Wamda, Shorooq Partners, and Outliers Venture Capital are among the other stockholders.
Penny Software, founded in 2020 by Iyad Aldalooj, Majid Aldalooj, and Mohammed Ibrahim, is transforming procurement through its corporate software. Their technology improves spend efficiency, governance, and compliance by digitizing and streamlining the whole source-to-pay process.
This year, Penny Software expects to handle Gross Transaction Value exceeding $1 billion and streamline procurement for thousands of businesses worldwide. The new funding will help us achieve our goals of growing both locally and internationally. Penny Software has a strong customer base and is well-positioned to fulfill and surpass the needs of medium-sized and large enterprises in a variety of industries. Their platform offers a customized, effective procurement solution by specifically addressing the complex needs of Middle Eastern markets and SMEs.
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With Iliad Partners’ experience in business development and regional expansion, Penny Software’s broad regional network, and its active LP base of top family groups, the company is well-positioned to benefit from the rapidly expanding global procurement software industry.
Iyad Aldalooj, CEO and co-founder of Penny Software, expressed enthusiasm about the partnership “This investment from Iliad Partners, alongside the continued support from our existing and new investors, represents a significant vote of confidence in Penny Software’s vision and our team’s ability to execute. We are excited to leverage this partnership to scale our operations, enhance our product offering, and solidify our position as a leader in the procurement software industry. The future of procurement is here, and Penny Software is at the forefront of this transformation.”
Christos Mastoras, Founder & Managing Partner of Iliad Partners, stated “We are excited to partner with the founders of Penny Software and support them in their next stage of growth. With an innovative product digitising a key business process for corporates across sectors, they are well-positioned to expand across the region and beyond. Saudi Arabia is an economy that is undergoing a major transformation in which technology is playing a key role. This is our first investment in the Kingdom and we plan to invest a significant portion of our fund in this market, supporting strong founders on their journey from the Pre-Series A stage and onwards.”
About Penny Software
Penny is an online source-to-pay platform. Penny assists you in managing and digitizing the entire procurement cycle, from approval to request. Handle vendor RFQs, evaluate quotes, issue POs, and even handle payment. Penny was created to simplify things and combine all of your company’s financial requirements into a single, clever platform.
