Founded in 2010 by a group of entrepreneurs, Tealbook is a Toronto-based company that helps small businesses manage their finances, customers, and operations. The company recently announced a funding round that will enable it to expand its team and continue developing its products. The company also plans to begin working with SAP, an enterprise software company, in the near future.
About the company
Earlier this year, TealBook, a Toronto-based provider of supplier data, announced a $50 million Series B financing round led by Ten Coves Capital. This enables the company to continue its march into new sectors spanning the Fortune 500. Additionally, the company plans to further expand its team to drive global expansion. This round of funding, which was also advised by Osler Hoskin & Harcourt, adds to its previously announced Series A funding in January of this year.
The company’s flagship product, TealBook, boasts a database of 600 “concealed” supplier data records, as well as a robust suite of e-procurement solutions designed to drive business efficiencies and reduce costs. Its cleverly crafted algorithm enables data to flow into the platform of the customer’s choice. For example, the company has partnered with Ivalua, Workday, and SAP in the SAP PartnerEdge program. Other notable partnerships include JAGGAER, Beroe, and RapidRatings. With the money in hand, TealBook plans to accelerate its data roadmap, as well as introduce new partnerships and integrations.
Funding round details
Founded in 2014, Tealbook is a supplier intelligence startup that uses machine learning and artificial intelligence to analyze massive amounts of data from its network of buyers and suppliers. It’s platform helps buyers find relevant information on suppliers, including financial, certification and contact information. The company aims to make sourcing more efficient for enterprises. Its platform also spotlights similar suppliers, which allows users to make better buying decisions.
Tealbook recently partnered with SAP, one of the largest software providers in the industry. The company also has partnerships with Jaggaer, Workday and Ivalua. The company has also announced it has been selected to the Gartner Cool Vendor list, which is a list of companies that have a technology that’s deemed the most impressive or noteworthy.
Tealbook was founded with a mission to make sourcing of suppliers more efficient for enterprises. The company’s product offers a database of 600 suppliers and their “concealed” details. It claims to offer the most comprehensive list of suppliers and contact information in the industry, as well as the most important data points required for making a good buying decision. It also works with customers’ existing procurement software.
Partnerships with SAP
Using Artificial Intelligence (AI) and Machine Learning (ML) to automate and enrich the supplier data, TealBook delivers a platform that provides an enhanced view of a company’s supplier base. In addition to delivering up-to-date supplier information, the company offers advanced reporting and outreach capabilities, ensuring better visibility and improved efficiency in the supply chain e-procurement ecosystem.
With its new funding, TealBook is ready to scale its team and accelerate its data roadmap. As a result, it plans to introduce new partnerships and expand its global reach. It recently announced key partnerships with software providers including Workday, Ivalua, JAGGAER, EcoVadis and RapidRatings. These partnerships will help the company deliver supplier diversity data to its customers.
TealBook is also a part of SAP’s PartnerEdge program. The program provides support, enablement tools, and benefits to customers who implement the company’s software. Moreover, the company is a member of Gartner’s Cool Vendor list.
TealBook was founded by Stephany Lapierre, a former procurement services consultant who launched the company after an epiphany. She envisioned a platform that would improve efficiency and reduce the cost of supplier discovery. It was inspired by her experience with a large pharmaceutical company.
Future plans
Earlier this year, Toronto-based supplier data foundation TealBook announced that it had raised $50 million in Series B funding. It will use the funds to expand its global footprint and introduce new partnerships and integrations to its product suite. TealBook will also use the funding to accelerate its data roadmap, leveraging Machine Learning and Artificial Intelligence to develop new data solutions.
The company has also announced that it will partner with SAP and participate in their PartnerEdge program. It will also expand its reach to new sectors and customers across the Fortune 500. TealBook has also been named one of Spend Matters’ 50 Procurement Providers to Know. This year, the company experienced 350 percent revenue growth. It is also a member of the ProcurementTech100.
TealBook has also been working with several naasongs.net Fortune 500 companies, such as Brooks Brothers, Gilead Sciences, and the U.K. government during the pandemic. It has also partnered with software providers like Workday, Ivalua, and RapidRatings.
