Whether you’re in the Toronto area or elsewhere, you’ve probably heard about the company, The Tealbook, and the 50m capital it has raised to make its mark in the digital world. But what about the people behind the startup? Are they as talented and smart as their funding suggests? And what about the competition?
About the company
Among the many startups vying for your attention, TealBook stands out from the crowd, particularly in the world of supply chain technology. Its products span from the data mining to the e-procurement technology. As a matter of fact, TealBook was recently named as one of the Spend Matters 50 Procurement Providers to Know.
In the past year, TealBook has grown by about 350 percent and expanded into new sectors. Its newest partnership will see the company showcasing its product offerings through the SAP PartnerEdge program. This partnership consists of two key products: a supplier data management solution and a cloud-based platform. Moreover, the company has announced plans to expand its operations in Canada and Ireland. TealBook also plans to use its new funding to build solutions for the SAP Ariba portfolio.
About the founder
Founded by Jennifer McLaughlin, TealBook is an intelligent data base that uses machine learning to provide supply chain data to businesses. By leveraging publicly available data, TealBook provides an accurate, real-time view of a company’s suppliers. Its customers use the data to augment supply chain management software and improve the value of Oracle and SAP software.
Its most recent round of funding was led by Ten Coves Capital and included Good Friends, an early stage venture capital firm founded by Warby Parker and Harry’s. The company has also received support from Workday Ventures, Grand Ventures, Stand Up Ventures, Reciprocal Ventures, Royal Bank of Canada, and BDC Capital.
TealBook’s customers include Biomarin, Dropbox, GSK, and University of Virginia. Its technology is used to improve ESG (environmental, social, and governance) goals by ensuring that suppliers are diverse and meet ESG criteria. It also has partnerships with Ivalua, EcoVadis, and JAGGAER.
About the team
Earlier this year TealBook made the news for its largest funding round to date. The company raised $50 million, with $10 million of that total going towards debt. The company plans to use the money to expand into new industries and sectors, across the Fortune 500. The company has announced partnerships with notable names in software and data management. The company also has a partnership with SAP in the SAP PartnerEdge program.
The tealbook is also home to the most comprehensive supplier data foundation in the industry. The company claims to have over 3 million suppliers across more than 100 industries, including Fortune 500 companies such as Disney, Boeing, Cisco, Microsoft, Amazon, and IBM. Its technology is built to help companies manage their global supplier relationships. Using artificial intelligence, the company enables companies to more efficiently source goods and services from suppliers around the globe.
About the funding
Founded in 2014, TealBook is a supplier data intelligence platform that uses artificial intelligence (AI) and machine learning to evaluate large amounts of supplier data. The company offers enterprises a comprehensive view of its supplier base, including the ability to compare similar suppliers, and to evaluate supply chain performance. The company is also dedicated to ethical practices and sustainability, which it helps companies implement. It has been named a #ProcurementTech100 company. It has also partnered with SAP’s SAP PartnerEdge program.
Its data enables enterprises to discover additional spend by uncovering suppliers who are not currently being considered by the company. The company works with customers’ existing procurement software to deliver its solution. Its product offerings include Predictim, which uses artificial intelligence to analyze billions of data points and provide results within minutes. It also offers Paxafe, a business-to-business supply chain solution that uses AI to contextualize data and classify it. Its platform can uncover up to $250 million in additional spend for enterprises.
About the competition
Considering the slew of companies that compete for your business, it’s a wonder we don’t see more mergers and acquisitions in the name of growth. While it’s difficult to pin down a singular entity in a bifocal lens, it’s clear that we’re seeing more of a cross functional approach than a single company trying to own the whole procurement process. One such company, TealBook, has been busy making it easier for companies to do business with them. Among other things, the company has announced partnerships with various software providers, such as SAP, as well as a few e-procurement heavyweights, such as Workday and EcoVadis. In addition to securing a foothold in the procurement ecosystem, TealBook has also managed to increase its bottom line by over 350 percent. Interestingly, the company has announced that it will be announcing a series of tens of millions in Series A funding in the coming months.