Penny Software provides a B2B SaaS platform that digitizes the entire source-to-pay process, including vendor management, spend analysis, and contract management. The company operates a marketplace facilitating B2B sourcing across multiple sectors. Penny positions itself to improve spend efficiency, governance, and compliance for enterprise procurement. The founders—Iyad Aldalooj, Majid Aldalooj, and Mohamad Ibrahim—launched the business in 2020. The company says it will use new funds to fuel regional and global expansion. Penny frames its mission as building a global business platform to rebuild and simplify trade. Penny Software offers a cloud-based procure-to-pay system that digitizes and manages the full procurement cycle from request to approval. The platform handles RFQs, RFPs, RFIs, quotation comparison, purchase orders, and payments, consolidating organizational spending into one intelligent system. Founded in 2020 by Iyad Aldalooj, Majid Aldalooj, Mohamad Ibrahim, and Hemadri Seelamsetty, Penny also operates a B2B marketplace in Saudi focused on digitizing sourcing and procurement for the construction sector. The company has been recognized by ProcureTech and Kearny Consulting as one of the top 100 most innovative procurement solutions globally. Penny has stated plans for global expansion. In January 2022 it raised $5.0M in a seed round.

Total raised

$5M

Funding rounds

2

Latest round

Seed

Latest activity

Jan 2022