Penny
AI-driven source-to-pay procurement platform for enterprises, from purchase requests to supplier payments
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Penny is a cloud procurement platform that digitises the full source-to-pay cycle: purchase requests, RFQs, quotation comparison, purchase orders, invoicing and supplier management, with AI-assisted sourcing and negotiation. It serves enterprises such as NHC, Carrier and MSC, with an Arabic and English interface and pricing that starts at USD 50,000. Founded in Riyadh in 2020, it raised a USD 1.35 million seed round that year, a USD 5 million seed round in 2022 and a pre-Series A round in 2024 from investors including Outliers, Shorooq, Wamda and Iliad Partners.