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Procurement software

Penny Software raises $5M in Seed Round Amid Global Expansion

A B2B platform with a mission to digitize procurement globally. 

Riyadh, Saudi Arabia. Jan 17th, 2022: Penny Software, the procurement enterprise software company raised $5M in a seed round led by Outliers Venture Capital, and with participation from Shorooq Partners, Hambro Perks ORYX Fund, Wamda, Class 5 Global, and strategic angel investors.

Penny was 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 provides a procure-to-pay solution and its enterprise software helps companies of all sizes to fully manage their procurement and sourcing activities. In addition, 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. Over 4,000 solutions were evaluated across more than 50 key data points. 

Penny’s CEO and Co-Founder Iyad Aldalooj said: “Enterprise systems don’t have to be dull and boring. At Penny, we are consumerizing the enterprise experience. We designed the system with the end-user in mind. Penny is quick to implement and easy to use. Procurement softwares help organizations save time and money. We believe procurement softwares should be accessible to all businesses.” 

The global procurement software market is a market with great potential and is currently growing at a CAGR of 9.1%, and expected to reach $7.3 billion in revenue in 2022 according to IDC (IDC), while the B2B online marketplaces will account for about 30% of all worldwide online B2B sales by 2024 (Digital Commerce).

Penny COO and Co-Founder Majid Aldalooj, who prior to Penny founded a B2B trading company for construction materials in Saudi Arabia, said: “After years of experience on the supply side of procurement, we have realized that digitization and data-driven procurement is the future of the industry. Nowadays, companies across all industries try to become more efficient in saving their resources.”

Penny CTO and co-founder Mohamad Ibrahim said: “We are keen on bringing the B2C simplicity and UI/UX to the B2B experience. We have developed a state-of-the-art software that is equipped to handle complex transactions with ease and efficiency.” 

Penny CPO and co-founder Hemadri Seelamsetty said “At Penny, we make our product simpler and easy to use, which results all businesses and companies that use penny simplify their complex procurement challenges”.

“We implemented Penny software to ensure governance in our procurement and to consolidate all our purchases activities into one system. Today, Penny gives us full visibility of all our spending and budget control.” Said Imad from 17Sixty. 

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