Penny Software is set to manage a Gross Transaction Value of over $1 billion this year and ease procurement to thousands of companies globally.

Penny Software, A SaaS platform based in Saudi Arabia successfully ended the pre-Series A round for an undisclosed investment amount from Iliad Partners, along with GSI and Knollwood Investments hailing from the US. These were joined by existing angel investors such as Dallah Investment, Hambro Perks Oryx Fund, Class 5 Global, Altuwajiri family fund, and strategic angel investors. The company was founded in the year 2020 by Iyad Aldalooj, Majid Aldalooj, and Mohamad Ibrahim. Penny Software is a B2B SaaS procurement startup that digitises elements such as compliance, improving the speed efficiency, Source-to-pay process, and governance. The recent capital injection to this startup will propel Penny’s ambition in the extension and admission into new markets regionally as well as globally. In the year 2021, one of the popular sites of the Middle East, Wamda, also participated in Penny’s $5 million seed funding round. The round was spearheaded by Outliers Venture Capital along with the participation from Shorooq Partners, Hambro Perks OYRX Fund, Class 5 Global, and strategic angel investors. 

The SaaS-enabled software platform is all set to manage the gross Transaction Value of over $1 billion this year and simplify the ease of procurement to thousands of companies globally. Possessing a robust client base, the SaaS platform is set to deliver expected and beyond expected demands of medium to large corporations across a broad spectrum of industries. The platform is uniquely designed to hit the essential requirements of the Middle Eastern markets and SMEs, delivering a smooth, seamless, efficient procurement solution. 

With the procurement landscape expanding globally, Penny Software is set with strategic plans ensuring significant growth and a definite market position in the procurement industry. Penny is supported by Iliad Partners’ expertise in business development and regional expansion and its extensive regional network and active LP base of leading family groups. The collaboration and partnership will not only mark a significant milestone as the first investment into the Saudi market but also align with their commitment to invest substantially in the Kingdom of Saudi Arabia in the coming five years as well.  

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.”