Saudi Arabia-based Penny Software raises funding in pre-series A round

Saudi Arabia-based Penny Software raises funding in pre-series A round

Penny Software, a leading Saudi B2B SaaS procurement startup, announced the successful completion of its Pre-Series A funding round, with significant investment from Iliad Partners, joined by GSI and US-based Knollwood Investments.

Launched in 2020 by Iyad Aldalooj, Majid Aldalooj, and Mohamad Ibrahim, the Penny Software platform digitises and streamlines the entire source-to-pay process, enhancing spend efficiency, governance, and compliance. Additionally, our marketplace facilitates B2B sourcing across various sectors, proudly contributing to the Saudi Unicorn Program’s innovative ecosystem.

Penny Software is set to manage a gross transaction value of over $1 billion this year, and ease procurement for thousands of companies globally. The fresh capital infusion will fuel our ambitions for regional and global expansion. With a robust client base, Penny Software is poised to meet and exceed the demands of medium- to large corporations across a broad spectrum of industries. Our platform is uniquely designed to address the nuanced requirements of Middle Eastern markets and SMEs, providing a tailored, efficient procurement solution.

With the global procurement software market burgeoning, Penny Software is strategically positioned to capture significant growth. This is supported by Iliad Partners’ expertise in business development and regional expansion, its extensive regional network, and its active LP base of leading family groups. This partnership marks Iliad Partners’ first foray into the Saudi market and aligns with their commitment to invest substantially in the Kingdom over the next five years.

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 corporations 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.”

Vertiv Outlines Best Practices of High-Density Cooling for Data Centers

Vertiv Outlines Best Practices of High-Density Cooling for Data Centers

Mahmoud Abdelmoneim, Sales Director for Middle East, Turkey & Central…
How Generative AI Accelerates Digital Transformation

How Generative AI Accelerates Digital Transformation

Lori MacVittie, F5 Distinguished Engineer discusses the impact of…
Maintaining Balance Between Performance and User Experience

Maintaining Balance Between Performance and User Experience

Gaurav Mohan, VP, SAARC & Middle East, NETSCOUT, discusses that…
Microsoft reveals Top Three teams for Imagine Cup!

Microsoft reveals Top Three teams for Imagine Cup!

Today marks a pivotal moment in the 2024 Imagine Cup as Microsoft reveal…
OPPO collaborates with startups for tech advancements

OPPO collaborates with startups for tech advancements

Today, with 150 million startups worldwide and another 50…
TikTok awards women entrepreneurs in Riyadh

TikTok awards women entrepreneurs in Riyadh

TikTok MENA celebrated the conclusion of the second edition of…