- Penny Software secures substantial Pre-Series A funding from prominent investors, including Iliad Partners, GSI, and Knollwood Investments.
- Existing investors, such as Dallah Investment and Hambro Perks Oryx Fund, continue to support Penny Software, indicating sustained confidence in its trajectory.
- Penny Software anticipates overseeing a Gross Transaction Value exceeding $1 billion this year, demonstrating rapid growth and market influence.
- The partnership with Iliad Partners not only marks their Saudi market entry but also signifies a strategic alliance for regional and global expansion, leveraging expertise and networks.
Penny Software, a prominent Saudi B2B SaaS procurement startup, has recently accomplished its Pre-Series A funding round with success. Key investments have been made by Iliad Partners, GSI, and Knollwood Investments from the US, indicating significant confidence in the company’s potential.
This achievement also marks a continuation of support from existing investors, including Dallah Investment, Hambro Perks Oryx Fund, Class 5 Global, the Altuwajiri family fund, and strategic angel investors. Notable shareholders in Penny Software include Outliers Venture Capital, Shorooq Partners, and Wamda.
Founded in 2020 by Iyad Aldalooj, Majid Aldalooj, and Mohamad Ibrahim, Penny Software is reshaping procurement practices with its cutting-edge enterprise software solutions.
The platform offers digital tools that streamline the entire Source-to-pay process, significantly improving spend efficiency, governance, and compliance standards. Moreover, Penny Software’s marketplace facilitates B2B sourcing across diverse sectors, making a valuable contribution to the innovative ecosystem fostered by the Saudi Unicorn Program.
Penny Software is on track to oversee a Gross Transaction Value exceeding $1 billion this year, facilitating procurement for thousands of companies worldwide. The fresh injection of capital will drive our aspirations for both regional and global expansion.
With a strong client base, Penny Software is ready to meet and surpass the needs of medium to large corporations across various industries. Our platform is uniquely crafted to cater to the specific demands of Middle Eastern markets and SMEs, offering a tailored and efficient procurement solution.
Amidst the rapid growth of the global procurement software market, Penny Software holds a strategic position to capture significant expansion. This is supported by the expertise of Iliad Partners in business development and regional expansion, along with their extensive network in the region and an active LP base comprising leading family groups.
Notably, this partnership marks Iliad Partners’ initial venture into the Saudi market, showcasing their commitment to substantial investment in the Kingdom over the next five years.
Iyad Aldalooj, CEO and co-founder of Penny Software expressed his excitement about the partnership. He emphasized that the investment from Iliad Partners, alongside the continued support from existing and new investors, is a significant vote of confidence in Penny Software’s vision and the team’s ability to execute.
Aldalooj conveyed his eagerness to leverage this partnership to scale operations, enhance product offerings, and solidify their position as a leader in the procurement software industry. He emphasized that Penny Software is at the forefront of this transformation, bringing the future of procurement to reality.
Christos Mastoras, Founder & Managing Partner of Iliad Partners, also shared his enthusiasm for the collaboration. He mentioned that they are thrilled to partner with Penny Software’s founders and support them in their next stage of growth.
Mastoras recognized the innovative nature of Penny Software’s product, which digitizes a critical business process across sectors, positioning them well for regional and global expansion.
He highlighted the significant role of technology in Saudi Arabia’s evolving economy and reiterated their commitment to investing substantially in this market to support strong founders from the Pre-Series A stage and beyond.
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Last Updated on April 16, 2024 by Safiya K
