Torontobased Tealbook Series Ten Coves
Founded in 2008, Toronto-based Tealbook is a leading provider of software for companies that manage inventory, logistics, and supply chain. The company’s total capital has grown to more than $73 million, and it recently announced it is joining forces with SAP to enhance its supply chain operations.
About the company
Founded in 2006, TealBook is a provider of artificial intelligence and supplier data enhancement. The company has been able to capture supplier information from unstructured sources and present it in a structured format. Using artificial intelligence and big data analytics, TealBook is able to provide a business with valuable insights and recommendations that will help it make more money. In fact, according to TealBook, over 350 percent of its revenue growth came from new customer acquisition. The company’s product suite includes supplier search, supplier intelligence, and reporting capabilities. TealBook has also built formal partnerships with companies including Workday, SAP, Ivalua, Beroe, and RiskRecon. The company has also recently expanded into new sectors across Fortune 500 customers. In fact, TealBook has been named one of Spend Matters’ Top 20 Procurement providers to know.
About the founder
Founder and CEO of Tealbook, Stephany Lapierre, isn’t necessarily the person most likely to come up with the most impressive company ad campaign. Rather, she has built a successful procurement services consulting business. As such, she is an able entrepreneur who has a lot to be proud of.
TealBook is an enterprise software provider that offers a supplier data intelligence platform. The platform is designed to help buyers find new suppliers in a flash. It does this by integrating with existing procurement software. With TealBook’s technology, it is possible to build supplier data from a variety of unstructured sources, such as publicly available business cards and online company profiles.
TealBook has raised more than $37 million in funding to date. During this time, it has forged partnerships with software providers such as RapidRatings and Workday. It has also landed a number of industry accolades, including a spot on Spend Matters’s list of 50 Procurement Technology Providers to Know. In the process, it has expanded its reach into new sectors and widened its addressable market. It has also grown giveme5 its employee count, from 45 in 2015 to 130 today.
Partners with SAP
Using artificial intelligence and ML, TealBook has developed a data enrichment platform that captures information from public sources. This data helps companies identify new channels for procurement and helps companies meet their environmental, social, and governance (ESG) goals.
TealBook has partnered with SAP to offer an integrated supplier diversity platform through the SAP Ariba procurement solution. The platform provides visibility into small diverse business certificates and emergency sourcing options. The platform is available through the SAP(r) Store, an online marketplace for partner offerings. Using TealBook’s data, SAP Ariba users can analyze and assess supplier diversity risk, manage certifications, and ensure diversity spending is being tracked.
TealBook has also expanded its reach to include Fortune 500 companies, which is expected to increase in 2020. The company aims to accelerate its data roadmap and expand its team to fuel global expansion.
COVID-19 amplified the company’s aim to improve supply chain operations
Despite the fact that the COVID-19 pandemic has yet to be fully contained, the disruption it has caused is nothing short of catastrophic. As a result, it has posed significant challenges to the supply chain across the globe. Some of the more notable challenges include shortages of key commodities like aluminum, oil and natural gas, as well as the supply of raw materials. In mid-2020, factories around the world are once again producing goods.
A recent survey by industry stalwarts Jabil and IndustryWeek, revealed that the supply chain industry has had its fair share of challenges in recent years. The survey found that one in seven respondents expected unplanned supplier shutdowns to be a regular occurrence. Despite this, the majority of companies are still rolling out the latest in supply chain technology.
Total capital raised to more than $73 million
Using artificial intelligence and machine learning to gather data from 400 million websites, TealBook provides a powerful platform for companies to gain insight into their supply chain. With the platform, companies can make sense of their data and make critical decisions fast.
The platform also provides companies with access to supply chain data that can help them improve their sourcing strategies and meet ESG goals. The company works with customers’ existing procurement software to supplement their data collection efforts. The platform allows users to assess the global network of suppliers, focusing on key products and descriptions. The company also offers reporting and outreach capabilities.
The company provides a comprehensive supply chain data platform that combines artificial intelligence, machine learning and cloud-based technology. The company uses machine learning to classify data and to proactively enrich supplier data.