Overview
Penny Software is a Dublin-referenced business software company headquartered in Dhahran, Saudi Arabia. The company develops a cloud-based procure-to-pay management platform designed to streamline purchasing and payment processes for business clients.
The company addresses the operational challenges businesses face in managing procurement workflows, vendor relationships, and spending oversight. Organisations typically handle these functions across multiple disconnected systems, creating inefficiencies and compliance risks that Penny Software's integrated platform aims to reduce.
Activities and products
Penny Software's main offering is the Penny Procurement Platform, a cloud-based solution that digitises the source-to-pay process. The platform includes vendor management capabilities, spend analysis tools, and contract management features. The system is designed to help organisations centralise their procurement operations and improve visibility across spending activities.
Stage and funding
Founded in 2020, Penny Software operates at seed stage. The company secured pre-Series A funding in April 2024 in a round led by Iliad Partners, though the funding amount has not been disclosed publicly. The company was established by Iyad Aldalooj, Majid Aldalooj, and Mohamad Ibrahim.
Photograph: David Schultz / Unsplash
Company details
- Legal name
- Penny Software
- Website
- penny.co
- Headquarters
- Dhahran, Saudi Arabia
- Founded
- 2020
- Sector
- B2B SaaS
- Funding stage
- Seed