Company Overview
Penny Software, which trades as Penny, is a Saudi Arabian business to business procurement and spend management company founded in 2020 by Iyad Aldalooj, Majid Aldalooj and Mohammed Ibrahim, later joined by co founder Hemadri Seelamsetty. The company provides procure to pay software and a business to business marketplace, digitising business procurement from request through to payment. It is privately held.
Penny Software raised a 1.35 million dollar seed round in September 2020 from Wamda, Class 5 Global, Outliers Venture Capital, Plug and Play and angel investors. It subsequently raised a 5 million dollar seed round in 2021 led by Outliers Venture Capital with participation from Shorooq Partners, the Hambro Perks ORYX Fund, Wamda and Class 5 Global. Shorooq Partners names the company among its Saudi investments.
Penny Software sells software to businesses and is not a consumer grocery or retail business, a distinction worth noting given the generic nature of the Penny name.
Recent Leadership News
Executive Moves has not yet published a leadership appointment at Penny Software. This section updates as coverage is added.
Facts compiled by Executive Moves from publicly available news and press releases on 16 July 2026. Spotted an inaccuracy? Email us and we'll review within 1 business day.
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