Saudi Procure-to-Pay Platform Penny Software Scores $1.35M in Seed Funding Round
The startup was founded just this year and aims to digitise and simplify B2B spending.
Founded this year as a B2B marketplace and software developer for procurement management, KSA-based startup, Money Software, has raised a seed funding round of $1.35 million from the likes of Wamda, Class 5 Global, Outliers VC and Plug & Play, as well as strategic angel investors.
Aiming to help businesses digitise procurement and consolidate spending on one platform, the startup was founded by Iyad Aldalooj, Majid Aldalooj, and Mohammed Ibrahim to address a perceived fragmentation of the procurement process.
Penny Software offers a procure-to-play solution, suitable for companies of all sizes, which the founders see as a necessary step forward for all businesses, particularly considering the impact of the pandemic.
The post-COVID-19 reality is reinforcing our mission of digitising procurement and B2B transactions,” co-founder and CEO, Iyad Aldalooj, said. “Penny puts companies in full control of their spending and brings order to procurement.”
According to global intelligence firm, IDC, the procurement software market is expected to reach $7.3 billion in worth globally by 2022, while it has also forecasted that online B2B marketplaces will account for 30% of all B2B sales worldwide by 2024 - numbers that have quickly made Penny Software a prime candidate for investment. “As consumer spending continues to drastically move online, we believe the same innovation will happen in procurement,” said Class 5 Global's Joel Ayala. “Class 5 is proud to back Penny to simplify trade and spending in the region and beyond.”
