Saudi Arabia-based Penny Software has raised $1.35 million in a Seed investment round from Wamda, Class 5 Global, Outliers VC, Plug and Play and strategic angel investors.
Founded in 2020 by Iyad Aldalooj, Majid Aldalooj, and Mohammed Ibrahim, Penny is a software-as-a-service (SaaS) procurement management company and a B2B marketplace that provides a procure-to-pay solution. It helps companies of all sizes manage their procurement and spending activities. The Penny software team currently operates out of Saudi Arabia, the UAE and India.
