Penny Software Secures Pre-Series A Funding
Penny Software, a Saudi Arabia-based B2B SaaS procurement startup, has secured a pre-Series A funding round.
The investment round was led by Iliad Partners, with participation from GSI and US-based Knollwood Investments. Existing investors, including Dallah Investment, Hambro Perks Oryx Fund, Class 5 Global, Altuwajiri family fund, and strategic angel investors, also participated in the round.
Founded in 2016, Iliad Partners is a venture capital firm based in Abu Dhabi, United Arab Emirates. The firm prefers to invest in startups operating in finance technology, property technology, logistics, and education technology sectors in the MENA region with a focus on the UAE and Saudi Arabia.
The company will utilize the funds to fuel its ambitions for regional and global expansion.
Founded in 2020 by Iyad Aldalooj, Majid Aldalooj, and Mohamad Ibrahim, Penny Software is a B2B SaaS procurement startup that digitizes the entire Source-to-pay process, enhancing spend efficiency, governance, and compliance. The company offers a range of features, including vendor management, spend analysis, contract management, and more. Penny Software operates a marketplace facilitating B2B sourcing across various sectors, contributing to Saudi Arabia's innovative ecosystem. The company is on a mission to be the global business platform for rebuilding and simplifying trade.
Funding Details
Company: Penny Software
Raised: Undisclosed
Round: Pre-Series A
Funding Month: April 2024
Lead Investors: Iliad Partners
Additional Investors: GSI, Knollwood Investments, Dallah Investment, Hambro Perks Oryx Fund, Class 5 Global, Altuwajiri family fund
Company Website: https://penny.co/
Software Category: Procurement