Founded in Toronto in 2011, TealBook is a crowdfunding website for entrepreneurs, investors, and consumers. The site’s mission is to help entrepreneurs launch successful startups and raise the capital needed to take them from concept to product. The site offers a wealth of information, ranging from the basics of crowdfunding to more complex topics like Series A funding and total capital raised. In addition, the site has built-in support services that make it easy for people to invest in startups.
Series A Funding
Originally focused on collecting and disseminating data about suppliers, Tealbook shifted its focus to supplementing its customers’ procurement software. Today, the company’s artificial intelligence and machine learning algorithms can be used to augment and enrich data that is typically siloed and not available to buyers.
Tealbook’s platform is a cloud-based suite of applications that provides an easy way to see who your existing vendors are and how they match up against the competition. The technology also allows for easy access to financial and certification data as well as detailed supplier descriptions.
The company claims to be able to improve its customer’s supply chain visibility and help companies meet ESG (environmental, social and governance) objectives. Its platform uses AI to detect changes in supplier data. This information can be ingested by other procurement software, enhancing its functionality and allowing customers to take advantage of the most relevant and up-to-date information about their partners.
In January 2019, Tealbook secured an $18.2 million CAD round, which is enough to put it on the list of top procurement software providers. Other investors in the deal include Stand Up Ventures, RBC Innovation Banking, Reciprocal Ventures, and CIBC Innovation Banking. The latest round was led by Ten Coves Capital, a VC firm focused on early-stage technology investments.
Among the many suppliers in the supply chain space, TealBook is the first to market with a platform capable of gathering, analyzing, and updating supplier data in real time. In the last 12 months, the company has grown its revenue 350 percent. The company has also attracted $73 million in financing. It plans to use its latest round of funding to speed up its data roadmap.
Its name may be borrowed from a client’s rolodex, but it was actually born out of an epiphany that Lapierre had when he was trying to automate supplier information. The company uses artificial intelligence to extract, classify, and enhance supplier data across the globe. The platform offers a slew of features, including a full-service portal, a robust analytics engine, a searchable database of more than four hundred million websites, and an outreach component that allows customers to scour the web for hidden gems. Its most recent B round raised $40 million in December 2021.
Among the many ways TealBook is boosting supply chain management software, its ability to find new vendors and provide an overview of sustainability is a game changer. The company is also a partner in the SAP PartnerEdge program, allowing for the sharing of best practices in the procurement space. In the past year, the company has grown its headcount from 45 to 130 employees. Its partners include EcoVadis, RapidRatings, Workday, and JAGGAER.
Total capital raised
Founded in Toronto in 2014, Tealbook’s purpose is to help buyers make data-driven decisions for their supply chains. Using machine learning and AI, the company analyzes and evaluates vast amounts of supplier data. The company also offers cloud-based products that synchronize data across suppliers.
To date, the company has raised more than $22 million. Its investors include Good Friends, Ten Coves Capital, Refinery Ventures, StandUp Ventures, IAF, CIBC Ventures, and Grand Ventures. In addition, the company has secured funding from the Royal Bank of Canada, Reciprocal Ventures, and BDC Capital’s Women in Technology Venture Fund.
The company says it has closed deals with a number of large companies within two months of launching. In its early days, Tealbook’s focus was on building interfaces, but as the company grew, it changed its focus. Instead of building interfaces, the company focused on data.
In the past year, Tealbook has made significant changes to its business. In September, the company opened an office in Cincinnati. The city is important to the company because of its ties to the health care industry. Its CEO, Stephany Lapierre, has worked in supplier sourcing for health care organizations.
In addition, the company plans to expand its marketing team and sales department.