Wamda participates in Penny Software’s $5 million Seed round

Wamda participates in Penny Software’s $5 million Seed round

Wamda has participated in KSA-based Penny Software's $5 million Seed round, which was led by Outliers Venture Capital, and with participation from Shorooq Partners, Hambro Perks ORYX Fund, Class 5 Global, and strategic angel investors.

Founded in 2020 by Iyad Aldalooj, Majid Aldalooj, Mohamad Ibrahim and Hemadri Seelamsetty, Penny Software helps businesses digitise their procurement from procure-to-pay on one platform. 

Penny also has a B2B marketplace in Saudi Arabia with the mission of digitising the B2B sourcing and procurement for the construction sector. 

The investment will be used fuel Penny's global expansion. 

The global procurement software market is a market with great potential and is currently growing at a CAGR of 9.1 per cent, and expected to reach $7.3 billion in revenue in 2022 according to IDC, while the B2B online marketplaces will account for about 30 per cent of all worldwide online B2B sales by 2024.

Press release:

Penny Software, the procurement enterprise software company raised $5M in a seed round led by Outliers Venture Capital, and with participation from Shorooq Partners, Hambro Perks ORYX Fund, Wamda, Class 5 Global, and strategic angel investors.

Penny was founded by Iyad Aldalooj, Majid Aldalooj, Mohamad Ibrahim and Hemadri Seelamsetty in 2020 to help businesses digitise their procurement from procure-to-pay