Whether you are an entrepreneur, an investor, or simply someone who wants to understand more about the startup scene in Toronto, this article will help you. You’ll find out about the founders and career paths of some of the most successful tech startups. You’ll also learn about the total capital raised, the addressable market, and partner strategy.
Founder’s career at tealbook has been a rollercoaster ride. While it’s been difficult to stay focused, Lapierre has made her mark by hiring the right people at the right time. She’s also had the opportunity to take her business in a few new directions.
A few years ago, Lapierre was running a successful consulting business. Her clients were looking for a more effective way to manage their suppliers. She decided to build a company that would fill a gap in enterprise procurement software. She had the foresight to build a product that would fill the void with ease.
In January of this year, TealBook raised a whopping $14.4 million in funding. It’s one of the first female-owned companies to raise money from StandUp Ventures, a Silicon Valley-based venture capital firm. Other investors include Workday Ventures, Silicon Valley Bank, RTB Global and Ten Coves Capital.
Lapierre’s name and company have been worldnewsite recognized as the Top 50 companies to watch by Spend Matters, and she’s been inducted into the CIX Top 20. The company also received a Cool Vendor Award from Gartner, a leading research and advisory firm.
Total capital raised
Founded in 2014, TealBook has been working to build an intelligent platform that helps companies find and evaluate their global supplier base. The company uses artificial intelligence and machine learning to analyze vast amounts of supplier data. They use the data to enhance supplier descriptions, spotlight similar suppliers, and provide a view of a company’s outreach capabilities.
The company also uses machine learning to classify news247 com data, enabling customers to get a more comprehensive view of their supply chain. Its customers include GSK, Biomarin, University of Virginia, Dropbox, and Toronto Global. They’re also partnering with Workday, RapidRatings, JAGGAER, Ivalua, EcoVadis, Beroe, and RiskRecon.
In addition to providing a more comprehensive view of suppliers, TealBook also helps companies meet their ESG goals. Its technology can identify human-derived antibodies and exceptional immune responses.
The company has raised over $10 million to date, including the most recent round. The new Series A round brought TealBook’s total funding to over $22 million. The company is currently working to scale its business and increase the size of its sales team. It is aiming to grow to 50 employees by the end of the year.
Using AI to create a data lake, TealBook assembles data from more than 400 million web pages and 600 “concealed” databases. The company uses the data to build predictive and descriptive supply chain models for a slew of Fortune 500 clients. The company has also partnered with SAP and Workday to build solutions for their respective portfolios.
TealBook’s top-of-the-funnel suite of solutions is powered by proprietary machine learning and artificial intelligence. The company has also snagged some big-name partners in the likes of SAP and Workday, who will now have access to a suite of solutions that span the supply chain, from sourcing to procurement, to contract management. A major win for the company was being named as one of Spend Matters’s 50 Procurement Solutions to Watch in 2020.
The company has also racked up impressive financial milestones in the form of several million dollars in venture capital, most recently from Ten Coves Capital and Grand Ventures.
Large addressable market
Almost every business case will ask you to calculate the Total Addressable Market (TAM). This is a crucial piece of information to have when considering any business opportunity. It helps you identify the total amount of revenue that can be generated by your product or service, even if you only have a small percentage of market share. It can also be used to validate your assumptions about your product’s usage and revenue growth. It can also be used to determine how much money you need to invest in a new business line.
A total addressable market is calculated by multiplying the number of potential customers by 100. For example, if you have a free accounting mobile app for small business owners, you can estimate the number of businesses that would be eligible to use your product. Then, you can determine the average revenue per user. Once you have an estimate of your potential revenue, you can choose the best customer segments. This allows you to focus your go-to-market efforts on the right customers.