Saudi-Based Penny Software Raises Pre-Series A Funding

Saudi Arabia-based SaaS provider Penny Software has announced the conclusion of a pre-Series A funding round of undisclosed value, with investment from Iliad Partners, GSI and US-based Knollwood Investments, amongst others. The B2B SaaS procurement startup aims to digitise the source-to-pay process for companies, enhancing spending efficiency and compliance.

Founded in 2020 by Iyad Aldalooj, Majid Aldalooj, and Mohamed Ibrahim, Penny Software is set to manage over $1 billion in Gross Transaction Value in 2024, with the new injection of capital slated to aid the company’s expansion both regionally and globally. The procurement software market continues to grow in response to the burgeoning number of small and medium-sized enterprises (SMEs) in the Middle East and beyond.

Saudi Arabia’s economy continues to undergo a rapid transformation, diversifying away from petroleum to welcome a host of new tech startups in finance and property sectors, as well as many others. The growth of local startups such as Penny Software is a trend that continues to gain traction, drawing increasing support from international investors.