The Saudi Arabia-based B2B SaaS procurement startup Penny Software has raised an undisclosed amount. The round saw participation from Iliad Partners and was joined by GSO and the US-based Knollwood Investments.
The round also saw support from existing investors—Hambro Peaks, Class5 Global, Altuwajiri Family, Dallah Investment, and other strategic angels. Outliers Venture Capital, Wamda, and Shorooq partners are some of the firm’s other stakeholders.
Iyad Aldalooj, CEO and co-founder of Penny Software said the investment Iliad Partners, alongside the continued support from our existing and new investors, represents a significant vote of confidence in Penny Software’s vision.
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 the team’s ambitions for regional and global expansion.
Aldalooj added the team is excited to leverage this partnership to scale its operations, enhance the product offering, and solidify its position as a leader in the procurement software industry.
Launched in 2020 by Aldalooj, Majid Aldalooj, and Mohamad Ibrahim, Penny Software is revolutionising procurement with its enterprise software.
The platform digitises and streamlines the entire Source-to-pay process, enhancing spending efficiency, governance, and compliance. Additionally, the marketplace facilitates B2B sourcing across various sectors, proudly contributing to the Saudi Unicorn Program’s innovative ecosystem.Â
Christos Mastoras, Founder and managing Partner of Iliad Partners, stated they are excited to partner with Penny Software’s founders and support them in their next stage of growth. He added that with an innovative product digitising a key business process for corporates across sectors, they are well-positioned to expand across the region and beyond.
Mastoras said Saudi Arabia is an economy undergoing a major transformation in which technology plays 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.
