What is Penny.?
Founded in 2020, Penny. operates as a sophisticated software provider and B2B marketplace platform designed to digitize procurement and spending activities. The company addresses the inherent inefficiencies in traditional corporate purchasing by offering an integrated suite of payment solutions that enhance transparency and control. By positioning itself at the intersection of procurement technology and financial services, Penny. serves as a vital conduit for enterprises seeking to optimize their operational expenditures. Its market position is bolstered by a robust architecture that facilitates seamless transactions between buyers and suppliers, effectively digitizing the procurement lifecycle in a region experiencing rapid technological adoption.
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 Hambro Perks ORYX Fund, Plug and Play Tech Center, Wamda, Shorooq Partners, Outliers VC, and Class 5 Global
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 fuel the growth of visionary founders.
Plug and Play Tech Center
Plug and Play Tech Center is a global innovation platform and early-stage investor that connects startups with corporate partners to accelerate technological development.
Hambro Perks ORYX Fund
A specialized investment vehicle focused on supporting high-growth technology companies within the Middle East and North Africa region.
What's next for Penny.?
With this major enterprise-level funding, Penny. is well-positioned to scale its operations and deepen its market penetration across the MENA region. The strategic allocation of this capital will likely focus on enhancing the platform's core procurement features, expanding its B2B marketplace ecosystem, and integrating advanced financial tools to support larger corporate clients. As the company matures, the focus will shift toward achieving sustainable growth and solidifying its role as a foundational player in the regional digital economy. Future initiatives will likely prioritize the development of automated reconciliation tools and the expansion of its supplier network, ensuring that Penny. remains at the forefront of the enterprise spending management sector.
See full Penny. company page
