B2B SaaS procurement startup Penny Software raised undisclosed Pre-series A funding

Leading B2B SaaS procurement startup in Saudi Arabia, Penny Software, is happy to announce the successful completion of its Pre-Series A funding round. US-based Knollwood Investments and Iliad Partners, along with GSI, contributed a sizeable investment. Along with Dallah Investment, Hambro Perks Oryx Fund, Class 5 Global, Altuwajiri family fund, and strategic angel investors, we also have the ongoing support of these investors as we approach this milestone. Wamda, Shorooq Partners, and Outliers Venture Capital are a few of the other shareholders.

Penny Software, founded in 2020 by Iyad Aldalooj, Majid Aldalooj, and Mohammed Ibrahim, is transforming procurement through its enterprise software. Our platform improves spend efficiency, governance, and compliance by digitizing and streamlining the whole source-to-pay process. Furthermore, our marketplace proudly contributes to the creative ecosystem of the Saudi Unicorn Program by facilitating B2B sourcing across multiple industries.

Penny Software is expected to facilitate procurement for thousands of businesses worldwide and manage Gross Transaction Value exceeding $1 billion this year. Our goals of expanding both regionally and globally will be fueled by the new capital infusion. Penny Software is well-positioned to fulfill and surpass the needs of medium-sized and large corporations in a wide range of industries thanks to its strong clientele. Our platform is specifically made to meet the complex needs of Middle Eastern markets and small and medium-sized enterprises (SMEs), offering a customized, effective procurement solution.

Penny Software is well-positioned to benefit from the rapidly expanding global procurement software market, thanks to Iliad Partners’ experience in business development and regional expansion, as well as the company’s wide regional network and active LP base of prominent family groups. Iliad Partners’ first venture into the Saudi market is being marked by this partnership, which also fits with their intention to make significant investments 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 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.”