Riyadh – Mubasher: Penny Software has completed its Pre-Series A funding round, securing investment from Iliad Partners, joined by GSI and US-based Knollwood Investments.
The transaction was also led by Dallah Investment, Hambro Perks Oryx Fund, Class 5 Global, Altuwajiri family fund, and strategic angel investors, according to a press release.
Other shareholders include investors, such as Outliers Venture Capital, Shorooq Partners, and Wamda.
Penny Software will use the investment to boost its regional and global expansion as well as increase its client base. The company plans to meet the demands of medium to large corporations across a broad spectrum of industries.
Launched in 2020 by Iyad Aldalooj, Majid Aldalooj, and Mohamad Ibrahim, Penny Software streamlines the source-to-pay process, improving spending efficiency, governance, and compliance.
The platform is set to manage a gross transaction value of more than $1 billion in 2024 and ease procurement to thousands of companies globally.
This joint agreement marks Iliad Partners' entry into the Saudi market in line with their commitment to invest in the Kingdom over the next five years.
Iyad Aldalooj, CEO and Co-Founder of Penny Software, commented: "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," Aldalooj said.
Christos Mastoras, Founder and Managing Partner of Iliad Partners, highlighted: “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,” Mastoras added.
