KSA’s Procure-to-Pay Platform Penny Software Raises $5 Million
These fresh funds will help cement its market position by developing its tech stack and expanding the scope of its digitisation procurement services.
Penny Software, a B2B platform based in KSA, set forth on a mission to digitise procurement on a global scale in 2022. After a fruitful 2021, the startup has successfully raised a $5 million seed round led by Outliers Venture Capital with participation from Shorooq Partners, Hambro Perks ORYX Fund, Wamda, Class 5 Global and strategic angel investors. These fresh funds will help cement its market position by developing its tech stack and expanding the scope of its digitisation procurement services.
The Saudi enterprise software startup was founded by Iyad Aldalooj, Majid Aldalooj, Mohamad Ibrahim, and Hemadri Seelamsetty—a group of seasoned professionals with years of experience on the supply side of procurement under its belt. Since its founding, the company has been assisting businesses to transform their procurement from procure-to-pay into one data-driven platform, which streamlines the buying and paying of goods and gives business owners full control over their activities. So far, the software company has evaluated more than 4,000 solutions across more than 50 data points, gaining it global recognition as one of the top 100 most innovative procurement solutions.
Penny Software is simplifying the B2B experience by leveraging the simplicity of B2B and UI/UX. Over their short lifespan, the company has developed state-of-the-art software that simplifies complex transactions.
“Enterprise systems don’t have to be dull and boring,” stresses CEO and Co-Founder, Iyad Aldalooj. “At Penny, we are consumerising the enterprise experience. We designed the system with the end-user in mind. Penny is quick to implement and easy to use. Procurement software helps organizations save time and money. We believe procurement software should be accessible to all businesses.”
Digitisation and data-driven procurement are leading the future of the market with a slew of companies across various industries vying for that cutting edge by becoming more efficient in managing their resources. The global procurement software market is expected to reach $7.3 billion in revenue in 2022 while B2B marketplace platforms are predicted to swallow up 30% of all worldwide online B2B sales by 2024.
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