Penny Software Secures Pre-Series A Funding
Penny Software was established in 2020 by Iyad Aldalooj, Majid Aldalooj, and Mohamad Ibrahim.
Saudi Arabia-based SaaS provider Penny Software has announced the conclusion of its pre-series A funding round from Iliad Partners, alongside GSI and US-based Knollwood Investments.[1]
The round also witnessed continued backing from existing investors, including Dallah Investment, Hambro Perks Oryx Fund, Class 5 Global, the AlTuwajiri family fund, and strategic angel investors. Noteworthy shareholders such as Outliers Venture Capital, Shorooq Partners, and Wamda have also participated in the round.
Established in 2020 by Iyad Aldalooj, Majid Aldalooj, and Mohamad Ibrahim, Penny Software is a B2B SaaS procurement firm that digitizes the entire Source-to-Pay process, optimizing spend efficiency, governance, and compliance.
The startup will use the funds to further fuel its expansion plans.
Wamda took part in Penny's $5 million Seed round in 2021, which was led by Outliers Venture Capital and included strategic angel investors, Class 5 Global, Hambro Perks ORYX Fund, Shorooq Partners, and others.[2]