Riyadh - Sharikat Mubasher: Penny Software, a leading Saudi B2B SaaS procurement startup, successfully closed an undisclosed pre-Series A funding round, with investment from Iliad Partners, GSI, and Knollwood Investments, the startup announced in a statement.
Existing investors, including Dallah Investment, Hambro Perks Oryx Fund, Class 5 Global, Altuwajiri family fund, and strategic angel investors also participated in the round.
The round is expected to fuel the company’s regional and global expansion, with ambitions to meet and exceed the demands of medium to large corporations across various industries.
Launched in 2022, Penny Software digitizes and streamlines the entire source-to-pay process, enhancing efficiency, governance, and compliance. Its platform is designed to address the subtle requirements of the Middle Eastern markets and small and medium-sized enterprises (SMEs).
Commenting on the round, Iyad Aldalooj, CEO and Co-founder of Penny Software, said: "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.”
Moreover, Penny Software plans to manage a gross transaction value of over $1 billion in 2024 and ease procurement to thousands of companies globally.
