The Toronto-based TealBook Series’ is an annual teleconference with an impressive line-up of entrepreneurs, investors and executives. The series features a range of topics, including data roadmaps, partnerships with SAP and the CEO’s personal experience with COVID-19.
Funding round details
Using AI and machine learning to analyze massive amounts of data, Tealbook helps procurement professionals make data driven decisions. Its main products are two cloud based products, a supplier database and a supplier performance management platform newmags. The company is headquartered in Toronto, Canada and aims to become a global leader in supplier data management. It has grown 350 percent over the past year and has 45 employees. The company has received funding from a host of investors, including Ten Coves Capital, RTP Global, and the elusive unicorn, Ned May. As a result of the funding, Tealbook is able to expand into new sectors and Fortune 500 customers.
The company has also made the bold move of hiring 12 data engineers in the past few weeks. It plans to expand its team to about 40 employees by the end of the year. It has also announced a number of partnerships, including a new deal with the SAP PartnerEdge program.
Partnerships with SAP
Using TealBook, enterprises can capture, enrich and distribute supplier data. This helps companies meet ESG goals, as well as meet supply chain challenges. Using a dynamic database, TealBook has helped companies find new sourcing channels and reduce the time it takes to find new suppliers.
TealBook’s data enrichment and automation platform enables procurement teams to realize their investments in source-to-pay. It reduces the time it takes to find new suppliers and helps buyers make more solid sourcing decisions. The company plans to introduce more integrations and partnerships to continue to drive growth.
SAP’s global supplier program (GSSP) is designed to drive sales with partners, while providing partners with an opportunity to build their business with SAP. This program is powered by WorkSpan Ecosystem Cloud, which enables SAP to onboard unlimited partners. The ecosystem provides a solid foundation for partner program success, allowing SAP and partners to evaluate and contribute data to improve accuracy, security, and insight.
350% revenue growth
During the past year, TealBook saw its revenue soar by 350 percent. The company’s supplier data foundation and e-procurement technology have gained traction in the market, leading to its recent round of funding.
The company’s platform allows buyers to find new suppliers and evaluate the global network of companies. They can then use the data to make critical decisions about their procurement strategy. It also allows companies to make ESG commitments.
It’s all part of TealBook’s mission to deliver transparency to the supply chain. By capturing supplier data from a variety of sources, including public data, unstructured data, and machine learning, TealBook can provide buyers with an enhanced view of the supplier base businesslognews. The company also works with suppliers to update their data, using artificial intelligence.
The company recently landed a US$40 million investment from a group of venture capital firms. Investors in the round include Ten Coves Capital, BDC Capital, Reciprocal Ventures, Good Friends, Workday Ventures, and Silicon Valley Bank.
Getting all of your data into a single place is not a task for the faint of heart. The good news is that there are many data management solutions out there. For example, there are many databases designed to perform the more mundane tasks such as storing, retrieving and analyzing data. For instance, there are key-value databases that are optimized for web applications with high traffic and graph databases that are optimized for recommendation engines irtdaily. These solutions are best suited to the needs of enterprises that want to improve their customer experience while ensuring compliance with data privacy laws.
The most difficult task is actually determining which data management solutions will work best for your enterprise. For example, what type of data management solutions can help you maximize your business value without putting a dent in your bottom line?
CEO’s personal experience with COVID-19
Having experienced COVID-19 himself, Martin Whittaker, the founding CEO of JUST Capital, has spoken about the steps that companies can take to improve their environment and increase their sustainability artdailynewsonline. He also shares some lessons learned during his time dealing with the outbreak.
As the COVID-19 pandemic spreads across the globe, many CEOs are focusing on the facts and planning early on to avoid further disruption. The YPO Chief Executive Global Survey on Business Impact of COVID-19, which was conducted 10-13 March, surveyed 2,750 global business leaders. The survey found that 95 percent of CEOs reported taking action in response to the outbreak. These actions included shifting short-term goals, researching new business innovations, adopting new health and safety procedures, and communicating more regularly with employees. Despite the spread of the virus, it appears that China has passed its peak.