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Penny Software

Penny is a unique procurement platform which helps you digitise and manage your procurement cycle from end-to-end solutions.
SaaS,  Software,  Administrative Services,  FinTech  
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Basic Information
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, RFP, and RFIs 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.
Legal Name
:
Penny Software
Headquarters
:
Riyadh, Ar Riyad, Saudi Arabia
Business Model
:
B2C,  B2B,  B2B2C,  B2G  
Founding Date
:
2020
No. of Employees
:
41 to 60
Core Team
:
1.  
Iyad Aldalooj
Co-Founder & CEO
2.  
Majid Aldalooj
Co-Founder & CFO/COO
Timeline

2020

Raised Funding

Sep | Raised Funding

Penny Software Raises $1.35 Million in Seed Funding Round.

2021

Strategic Partnership

Aug | Strategic Partnership

Penny Software signs partnership to launch Mastercard Track™ Business Payment Service in Saudi Arabia and the MENA region.

Revenue Stream
Licensing
Fee-For-Service
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Target Market
B2B
Procurement Solved. Save Money.
Client Segment
:
BioTech/BioPharmaceutical,  E-Commerce,  FoodTech  
Target Companies
:
Startup,  Small Enterprise,  Medium Enterprise,  Large Enterprise  
Target Geography
:
India,  Global,  Asia Pacific,  Europe  
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Funding

Total Funding

$6.4M

Investors
:
1.  
Class 5 Global
2.  
Wamda
3.  
Outliers Venture Capital
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