What is Penny.?
Founded in 2020 and headquartered in Saudi Arabia, Penny. operates as a software provider and a B2B marketplace platform. The company specializes in delivering innovative payment solutions designed to streamline procurement and spending activities for businesses. By offering a comprehensive platform, Penny. aims to enhance efficiency and transparency in financial transactions for its enterprise clients, positioning itself as a key player in the digital transformation of business finance in the region.
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 Outliers VC, Shorooq Partners, Class 5 Global, Plug and Play Tech Center, Wamda, and Hambro Perks ORYX Fund
Key Investors in Penny.
Shorooq Partners
Shorooq Partners is a leading alternative investments manager based in the MENA region, focusing on venture capital and private credit. The company partners with visionary founders across various sectors, providing investment and management expertise to fuel their growth. With a diverse portfolio of over 100 companies, Shorooq aims to create multi-asset, multi-strategy opportunities for its investors, including sovereign wealth funds and family offices. Their mission is to support innovation and entrepreneurship in growth markets, leveraging both local insights and global experience.
Plug and Play Tech Center
Founded in 2006, Plug and Play Tech Center is an early stage investor, accelerator and corporate innovation platform with global headquarters in Sunnyvale, California with additional locations across the globe.
Outliers VC
Undisclosed investor participating in the funding round.
What's next for Penny.?
With the recent infusion of capital and the context of major enterprise-level funding, Penny. is poised for accelerated growth. The strategic investment is expected to fuel further development of its B2B marketplace and payment solutions, potentially enabling expansion into new markets or the enhancement of existing services. The company's focus on procurement and spending activities suggests a strategic push towards capturing a larger share of the enterprise financial technology market, leveraging its technological capabilities and market position.
See full Penny. company page
