Saudi Startup Penny Software Secures Pre-Series A Funding

Penny Software, a Saudi B2B SaaS procurement startup, has successfully completed its Pre-Series A funding round.

The round saw significant investment from Iliad Partners, along with GSI and US-based Knollwood Investments, among others.

Launched in 2020, Penny Software digitizes procurement processes, contributing to Saudi Arabia's innovative ecosystem.

The company is set to manage over $1 billion in Gross Transaction Value this year. The funding will support regional and global expansion plans, with a focus on Middle Eastern markets and SMEs.

Iliad Partners' investment marks its first in the Saudi market, reflecting its commitment to the Kingdom's growth. CEO Iyad Aldalooj expressed enthusiasm about the partnership, emphasizing Penny Software's vision and team execution capabilities. Christos Mastoras, Founder of Iliad Partners, highlighted the potential for Penny Software's expansion and the role of technology in Saudi Arabia's economic transformation.