Iyad Aldalooj

| DateApril 15, 2024

Penny Software welcomes investment by Iliad Partners, GSI, and Knollwood Investment.

Penny Investment

Penny Software, a leading Saudi B2B SaaS procurement startup, is thrilled to announce the successful completion of its Pre-Series A funding round, with significant investment from Iliad Partners, joined by GSI and US-based Knollwood Investments. This milestone also sees continued support from our existing investors, including Dallah Investment, Hambro Perks Oryx Fund, Class 5 Global, Altuwajiri family fund, and strategic angel investors. Other shareholders include investors such as Outliers Venture Capital, Shorooq Partners, and Wamda.


Launched in 2020 by Iyad Aldalooj, Majid Aldalooj, and Mohamad Ibrahim, Penny Software is revolutionizing procurement with its enterprise software. Our platform digitizes and streamlines the entire Source-to-pay process, enhancing spend efficiency, governance, and compliance. Additionally, our marketplace facilitates B2B sourcing across various sectors, proudly contributing to the Saudi Unicorn Program’s innovative ecosystem.


Penny Software is set to manage Gross Transaction Value of over $1B USD this year, and ease procurement to thousands of companies globally. The fresh capital infusion will fuel our ambitions for regional and global expansion. With a robust client base, Penny Software is poised to meet and exceed the demands of medium to large corporations across a broad spectrum of industries. Our platform is uniquely designed to address the nuanced requirements of Middle Eastern markets and SMEs, providing a tailored, efficient procurement solution.


With the global procurement software market burgeoning, Penny Software is strategically positioned to capture significant growth, supported by Iliad Partners’ expertise in business development and regional expansion and its extensive regional network and active LP base of leading family groups. This partnership not only marks Iliad Partners’ first foray into the Saudi market but also aligns with their commitment to invest substantially in the Kingdom over the next five years.


Iyad Aldalooj, CEO and Co-Founder of Penny Software, expressed enthusiasm about the partnership: “This investment from Iliad Partners, alongside the continued support from our existing and new investors, represents a significant vote of confidence in Penny Software’s vision and our team’s ability to execute. We are excited to leverage this partnership to scale our operations, enhance our product offering, and solidify our position as a leader in the procurement software industry. The future of procurement is here, and Penny Software is at the forefront of this transformation.”

Christos Mastoras, Founder & Managing Partner of Iliad Partners, stated “We are excited to partner with the founders of Penny Software and support them in their next stage of growth. With an innovative product digitizing a key business process for corporates across sectors, they are well-positioned to expand across the region and beyond. Saudi Arabia is an economy that is undergoing a major transformation in which technology is playing a key role. This is our first investment in the Kingdom and we plan to invest a significant portion of our fund in this market, supporting strong founders on their journey from the Pre-Series A stage and onwards.”

For more information about Penny Software and our innovative procurement solutions, please visit our website at https://penny.co.

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Frequently Asked Questions

Penny is a cloud-based Procure-To-Pay system. penny helps you digitize and manage your full procurement cycle from request to approval. Manage RFQs 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.

  • Allocate, manage and monitor budgets by expense accounts, projects, departments, location, teams..etc 
  • Streamlining procurement means requests, approvals, and POs won’t be lost in emails or offline.  
  • History and records of requests and purchases can be extracted and tracked easily via the platform. 
  • Product requests are more accurate through the catalog, and hence avoid purchasing mistakes.
  • Reports and analysis can be extracted from the platform, giving you a consolidated data center for all your procurement activities.
  • penny is cloud-based and an easy to use platform. The action-board gives your team a user-friendly and simple experience.

Yes, penny is designed to handle complex procurement operations. We make EVERYTHING simple. Via the contract management feature, you can set the terms and conditions of your contract, and the system will recognize the products and the vendors of your request and match it with specified terms of your contract. Easy.

Putting you in control of your spending is integral to our mission. penny allows you to create Expense Accounts that match your P&L, and assign budgets to them. For example, you can assign $X for your “Travel Budget” and reflect on the budget before approving a travel request. In addition, penny allows you to set budgets for cost centers like projects, departments, locations, and so much more. With penny, you can extract reports and view your spend per Expense Accounts or cost center.

Yes. If your product search finds no results, you can submit a non-standard request.

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