Founded in 2020 by Iyad Aldalooj, Majid Aldalooj, and Mohamad Ibrahim, Penny Software is revolutionizing procurement through its enterprise software solutions. The platform digitizes and streamlines the entire Source-to-pay process, enhancing spend efficiency, governance, and compliance. Moreover, its marketplace facilitates B2B sourcing across diverse sectors, contributing significantly to the innovative ecosystem of the Saudi Unicorn Program.
Penny Software is projected to oversee Gross Transaction Value exceeding $1 billion this year, serving thousands of companies worldwide. The fresh capital injection will drive the company's aspirations for regional and global expansion. With a strong client base, Penny Software is well-positioned to cater to the needs of medium to large corporations across various industries. Its platform is meticulously crafted to address the specific requirements of Middle Eastern markets and SMEs, offering a tailored, efficient procurement solution.
Amidst the burgeoning global procurement software market, Penny Software stands ready to seize substantial growth opportunities. This is supported by Iliad Partners' expertise in business development, regional expansion, and its extensive network in the region, along with an active LP base of leading family groups. The partnership not only marks Iliad Partners' entry into the Saudi market but also underscores its commitment to significant investment in the Kingdom over the next five years.
Iyad Aldalooj, CEO and co-founder of Penny Software, expressed excitement about the collaboration: "This investment from Iliad Partners, alongside the continued support from our existing and new investors, underscores Penny Software's vision and our team's execution capabilities. We are eager to utilize this partnership to scale our operations, enrich our product offering, and solidify our position as a leader in the procurement software industry. The future of procurement is upon us, and Penny Software leads this transformation."
Christos Mastoras, Founder & Managing Partner of Iliad Partners, commented, "We are thrilled to collaborate with Penny Software's founders and support them in their next phase of growth. With an innovative product digitizing a crucial business process for corporates across sectors, they are well-positioned to expand regionally and beyond. Saudi Arabia is experiencing a significant economic transformation where technology plays a pivotal role. This marks our inaugural investment in the Kingdom, and we plan to allocate a significant portion of our fund to this market, supporting promising founders from the Pre-Series A stage onwards."
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