Saudi Procurement SaaS Startup Penny Software Closes Pre-Series A Led by Iliad Partners
The April 2024 round, marking Iliad Partners' first Saudi investment, backs Penny's push to digitise source-to-pay for corporates managing over $1bn in transactions.
Penny Software, the Saudi B2B procurement SaaS startup, closed an undisclosed pre-Series A round in April 2024 with investment from Iliad Partners, GSI and Knollwood Investments, alongside existing backers including Dallah Investment, Hambro Perks Oryx Fund and Class 5 Global. The round marked Iliad Partners' first investment in the Saudi market.
Founded in 2020 by Iyad Aldalooj, Majid Aldalooj and Mohamad Ibrahim, Penny digitises the source-to-pay process to improve spend efficiency, governance and compliance. The company said it expected to manage over $1 billion in gross transaction value in 2024 and would use the capital for regional and global expansion.