Penny Software, a Riyadh, Saudi Arabia-based procurement enterprise software company, raised $5 million in a seed round amid global expansion.
The round was led by Outliers Venture Capital, with participation from Shorooq Partners, Hambro Perks ORYX Fund, Wamda, Class 5 Global, and strategic angel investors.
Company: Rafeeq Altawreed Company
Round: Seed round
Funding Month: January 2022
Lead Investors: Outliers Venture Capital
Additional Investors: Shorooq Partners, Hambro Perks ORYX Fund, Wamda, and Class 5 Global
Company Website: https://penny.co/
Software Category: Procurement & Sourcing Management Software
About the Company: Founded by Iyad Aldalooj, Majid Aldalooj, Mohamad Ibrahim, and Hemadri Seelamsetty in 2020 to help businesses digitize their procurement from procure-to-pay into one data-driven platform. Penny Software is a cloud-based Procure-To-Pay system, helps digitize and manage your full procurement cycle from request to approval. Manage RFQs, RFP, and RFIs to vendors, compare quotations, send POs, and even payment. Penny was designed to make things easy and consolidate all of your organization’s spending needs into one intelligent system. Penny has a B2B marketplace in Saudi with a mission of digitizing the B2B sourcing and procurement for the construction sectors. Penny Software was recognized by the UK-based ProcureTech and the US-based Kearny Consulting as one of the top 100 most innovative procurement solutions globally.