Saudi’s Penny raises $1.35 million seed for its procurement and spending management software

Saudi’s Penny raises $1.35 million seed for its procurement and spending management software

Riyadh-based procurement SaaS startup Penny has raised $1.35 million in a seed round from Wamda, Class 5 Global, Outliers VC, Plug and Play, and some strategic angel investors, it announced in a statement to MENAbytes today. According to our data, it is the largest seed round raised by a SaaS startup in Saudi.

Founded earlier this year by Iyad Aldalooj, Majid Aldalooj, and Mohamad Ibrahim, Penny's online software helps businesses of all sizes digitize their procurement and spending activities. The startup is also building a private B2B marketplace for its clients to make it easy for them to source and procure products from different vendors. When it launches, Penny's marketplace will be the largest of its kind in Saudi with over 100,000 SKUs from 250 brands, claims the startup.

Iyad Aldalooj, the