Riyadh, Saudi Arabia-based SaaS startup, Penny Software on Monday (21 September 2020) announced that the company has raised $1.35 million in a seed funding round from a clutch of investors including Wamda, Class 5 Global, Outliers VC, Plug and Play, and some strategic angel investors.
The startup plans to use the funds to scale marketing as well as enhance and customise its product offering for the customers.
Founded in 2020 by Iyad Aldalooj, Majid Aldalooj, and Mohammed Ibrahim, Penny is a software-as-a-service (SaaS) procurement management company and a B2B marketplace that provides a procure-to-pay solution. It helps companies of all sizes manage their procurement and spending activities. The Penny software team currently operates out of Saudi Arabia, the UAE and India.
Penny plans to offer its procurement and spend management solution globally, but will initially focus its B2B marketplace in the Saudi Arabian market.
Iyad Aldalooj, CEO and co-founder of Penny, in a statement said,
“The post-Covid reality is reinforcing our mission of digitising procurement and B2B transactions. Penny puts companies in full control of their spending and brings order to procurement.”
According to a report by Grand View Research, “the global procurement-as-a-service market size was valued at $5.7 billion in 2018, and is expected to grow at a compound annual growth rate (CAGR) of 7.3 per cent from 2019 to 2025,” hence positioning Penny to capitalise on this surge in the Middle East and North Africa (Mena) region.