73m is an exciting company with a big future. They’ve recently been able to secure funding in the form of a Series B round. They’ve also announced partnerships with SAP, and a Data roadmap TealBook. They’ve also managed to grow their revenue by 350%.
Series B funding
Previously, TealBook raised at least $9.5 million in funding. The company also received participation from other venture capital firms. Its latest round brought in a total of $50 million in Series B funding, led by Ten Coves Capital. The funds will be used for expansion and recruitment.
The company’s technology enables companies to access supplier data. They can view a global supplier database and evaluate different suppliers. They can see which vendors are ethical, green, and sustainable. This information helps companies work with diverse businesses and meet environmental, social, and governance (ESG) goals.
To build its technology, TealBook has developed partnerships with a number of software providers, including Workday, RapidRatings, Ivalua, GEP, and SAP. It has also been named one of the #ProcurementTech100, a list of the top providers for procurement.
As TealBook grows, they are focused on expanding into new sectors and a wider customer base. The company has also announced partnerships with software providers, including SAP’s PartnerEdge program.
350% revenue growth
Founded in 2015, TealBook has been building an e-procurement technology platform. It offers a suite of solutions that helps companies save time, money and resources. A few of the most notable customers include GSK, University of Virginia, Biomarin, and Dropbox. The company has also recently announced partnerships with software providers like RapidRatings and EcoVadis.
The good news is that the company has already found its product-market fit. According to CEO Steve MacDonald, it’s now ready to scale its offering. With a hefty $50 million in funding, TealBook is on the verge of taking the next step. It plans to build solutions for the SAP Ariba portfolio.
The company has been able to improve the cost of recurring services, such as supplier self-updating portals, and has also streamlined procurement processes. Using an AI powered platform, it can provide valuable insights to buyers across the organization. Its supply chain data can be integrated with existing ERP solutions. In addition to the standard procurement information, the company provides the company’s ethical and sustainable practices.
Partnerships with SAP
During a whirlwind year that saw TealBook’s revenue triple and the company add to its roster of Fortune 500 customers, the Toronto-based supplier data platform decided to up the ante with some innovative new partnerships. The company’s latest addition is KellyOCG, a new partner that leverages TealBook’s technology to help companies source and manage more qualified suppliers. Using the TealBook platform, KellyOCG can easily determine which suppliers meet their quality and diversity standards.
Another new partnership that is worth noting is the one with SAP Ariba, a leading provider of procurement services. Specifically, the supplier diversity intelligence solution that TealBook has built will give SAP Ariba users access to a robust database of diversity information.
Other notable partnerships include those with Workday, EcoVadis, and RapidRatings. The TealBook e-procurement platform automates the collection, enrichment, and distribution of supplier data. Its supplier diversity data is integrated with SAP Ariba’s Supplier Lifecycle and Performance (SLP) solutions. Its e-procurement platform also offers reports on ethical practices.
Data roadmap
Founded by a team of experts in supply chain, data and technology, TealBook is a platform for companies looking to enhance strategic sourcing. The company has attracted $73 million in funding, and has a strong addressable market. Using artificial intelligence and engineering techniques, it gathers and merges information from more than 400 million websites, unstructured sources, and other poll systems. It then uses artificial intelligence and machine learning to enrich the data and classify it. The data is combined into a global view.
TealBook has expanded its offerings in the past year. It has forged partnerships with several software providers, such as Workday, RapidRatings, JAGGAER, Ivalua, Beroe, and EcoVadis, and has also added new sectors to its customer base, including the telecommunications, financial services, and pharmaceutical industries. The company is now used by more than 4,000 customers. It plans to expand its operations in Vancouver, Ireland, and will soon open an office in Dublin.
Conclusion
The two companies will collaborate on automating supplier profiles. In addition, they will integrate the supplier data collected by TealBook into the JAGGAER portal. This will provide their customers with autonomously enriched supplier data.
