Penny Software
Have updates for this profile? Please contribute data
= Subscriber Access Only
You are viewing a preview of this profile. Request a Preqin Pro demo for full access to all profiles and underlying data.
With Preqin Pro, you gain an unobstructed view of all alternative asset class activity across institutional investors, fund managers, funds, portfolio companies, deals, exits, and service providers.
Penny Software - overview
Established
2020
Location
Dammam, -, Saudi Arabia
Primary Industry
Software
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.
Current Investors
Plug and Play, Wamda Capital, Class 5
Primary Industry
Software
Sub Industries
Analytics & Performance Software, Application Integration Software, Logistics Software
Website
www.penny.co
Verticals
Cloud Computing
Company Stage
Angel & Seed
Total Amount Raised
Subscriber access only
Time to go Pro
Get Preqin Pro for unrestricted access to 600,000+ detailed profiles on fund managers, investors, funds, companies, and other alternative asset players. Unlock exclusive data on future plans, company financials, fundraising history, track records, and more.