# Penny Software

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/penny-software

- Industry: Software
- Headquarters: Dammam, Saudi Arabia
- Website: www.penny.co
- Total disclosed funding: $6.3M
- Latest round: Seed (Jan 16, 2022)
- Investors on record: 6

## About

Founded in 2020 and based in Dammam, Saudi Arabia, Rafeeq Altawreed Company, doing business as Penny Software, operates as a software-as-a-service (SaaS) company. The company was founded by its CEO, Iyad Aldalooj; COO, Majid Aldalooj; and CTO, Mohamad Ibrahim. In April 2024, Penny Software raised a pre-series A funding round from Iliad Partners, GSI Capital Partners, Knollwood Investments, and Wamda Capital.

Penny Software offers a cloud-based source-to-pay procurement platform, which is a B2B digital procurement software that helps businesses manage the full cycle of their disbursement and procurement processes. The firm’s procure-to-pay management software automates and streamlines the entire procurement process for businesses. The software manages everything from identifying and sourcing suppliers to processing invoices and making payments.

The company plans to use the funds raised in April 2024 to expand its global footprint.

## Funding rounds

- Seed, Jan 16, 2022, $5M — Wamda Capital, Salica Investments, Shorooq Partners, Class 5, Outliers Venture Capital
- Seed, Sep 21, 2020, $1.4M — Plug and Play, Wamda Capital, Class 5, Outliers Venture Capital

## Investors

- Plug and Play (https://capitalatlas.ai/funds/plug-and-play) — Seed
- Wamda Capital (https://capitalatlas.ai/funds/wamda-capital) — Seed
- Class 5 (https://capitalatlas.ai/funds/class-5) — Seed
- Outliers Venture Capital (https://capitalatlas.ai/funds/outliers-venture-capital) — Seed
- Salica Investments (https://capitalatlas.ai/funds/salica-investments) — Seed
- Shorooq Partners (https://capitalatlas.ai/funds/shorooq-partners) — Seed