Penny Software raised Pre-Series A funding with investment from Iliad Partners, GSI, and Knollwood Investments to digitise source-to-pay process for companies.

Apr 15, 2024•over 1 year ago

Round Type

series a

RiyadhFintechEnterprise SoftwareSaasSoftware

Investors

Knollwood InvestmentsGsiIliad Partners

Description

Saudi Arabia-based SaaS provider Penny Software has concluded a pre-Series A funding round with undisclosed value. The investment from Iliad Partners, GSI, and US-based Knollwood Investments, amongst others, will aid the company’s expansion both regionally and globally to manage over $1 billion in Gross Transaction Value in 2024.

Company Information

Company

Penny Software

Location

Riyadh, Riyadh Region, Saudi Arabia

About

Penny is a cloud-based Source-To-Pay solution. It is a modular system that is quick to implement and easy to use. Penny helps you digitize and manage your entire procurement cycle from Purchase Requisitions, Approvals, RFQs, RFP, RFIs, quotations/proposals gathering comparison and analysis, POs, GRN, and even payments. Along with vendor, contract, spend, and budget management modules. You can track your procurement in full, extract reports, and analysis. Penny Software is so easy that everyone on your team will love using it.

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Funding Insights

Based on industry data

VC-backed spending patterns