What is Penny.?
Founded in 2020, Penny Software operates as a sophisticated software provider and B2B marketplace platform. The company specializes in delivering comprehensive payment solutions tailored for procurement and spending activities, effectively bridging the gap between traditional supply chain management and modern digital finance. By providing a centralized platform for businesses to manage their procurement lifecycle, Penny Software addresses critical inefficiencies in corporate spending, positioning itself as a vital infrastructure provider for enterprises navigating the digital transformation of their back-office operations.
How much funding has Penny. raised?
Penny. has raised a total of $5M across 1 funding round:
Angel/Seed
$5M
Angel/Seed (2022): $5M with participation from Class 5 Global, Outliers VC, Wamda, Shorooq Partners, Hambro Perks ORYX Fund, and Plug and Play Tech Center
Key Investors in Penny.
Shorooq Partners
Shorooq is a leading alternative investments manager based in the MENA region, focusing on venture capital and private credit to support visionary founders.
Plug and Play Tech Center
An early-stage investor and global corporate innovation platform that connects startups with industry-leading corporations to foster technological advancement.
Class 5 Global
A venture capital firm that invests in high-growth technology companies, providing strategic guidance and capital to scale operations globally.
What's next for Penny.?
With the infusion of this latest capital, Penny Software is strategically positioned to scale its technological infrastructure and expand its market footprint. The company is expected to focus on enhancing its B2B marketplace capabilities, potentially integrating advanced analytics and automated reconciliation tools to further optimize the procurement experience for its enterprise clients. As the firm matures, the focus will likely shift toward deepening its penetration within the Saudi Arabian market while exploring regional expansion opportunities, leveraging its established reputation for operational excellence and financial transparency to capture a larger share of the burgeoning MENA fintech sector.
See full Penny. company page
