Founded by an ex-Cisco engineer, Toronto-based Tealbook Capital aims to improve supply chain operations. Their goal is to take an agnostic approach to the market, and when the COVID-19 pandemic hit the United States, they took that approach even further, raising more than $73 million.
About the company
During the first quarter of the year, Toronto-based supply chain data company TealBook hit the pavement in style. The company’s eponymous product line expanded into new sectors within the Fortune 500 and beyond, and revenues soared 350 percent. The company also announced a partnership with SAP’s PartnerEdge program. The TealBoard has its eye on the future, leveraging its own impressive arsenal of AI and machine learning technologies. It is also working with some of the world’s most innovative procurement software vendors to help its clients improve their operational efficiencies. It’s no wonder that the company has been recognized as a top performer in several industry benchmarks, including the Spend Matters Most Wise procurement awards.
The company’s chief executive officer Matt Wiggers has been on a tear recently, securing several major deals in the process. The most significant of these was a multi-million dollar contract to manage a global supply chain for a global pharmaceuticals company. Another was a multi-year agreement with a leading provider of enterprise procurement solutions, to provide strategic planning, supplier management and supplier risk mitigation services.
The COVID-19 pandemic amplified the company’s aim to improve supply chain operations
During the outbreak of COVID-19, the world’s supply chain of water, energy and food have faced severe disruptions. Lockdowns and shutdowns have caused major challenges for businesses. Hundreds of millions of workers have been affected.
The US government has offered incentives to firms who relocate their supply chains to the country. Vietnam and Japan have also made preferential policies available for foreign investors. However, the lack of stable GSCs continues to be a concern for companies.
According to a survey by Jabil and IndustryWeek, 66% of decision makers said they diversified their supply base during the pandemic. While this may be a long-term solution, it could be a risky option for some companies.
According to an International Civil Aviation Organization report, the disruptions caused by COVID-19 have led to substantial financial impacts. In addition, the world’s economy has suffered a decline in growth.
The Institute of Supply Management found that 62% of its respondents experienced delays in receiving goods during the outbreak. This led to increasing pressure on companies to find alternative sources. It also forced the rerouting of inventory.
The company’s agnostic approach to the market
Using artificial intelligence, TealBook’s platform crawls the web to find information about a company’s suppliers. The information includes things like their contact details and products. It is designed to improve the procurement process. It also helps companies meet their ESG (environmental, social and governance) goals.
For instance, TealBook’s latest B round, which was led by US-based Ten Coves Capital and RBC Ventures, raised $50 million. Its other investors include Good Friends, Workday Ventures, and CIBC Ventures. The company also has a number of strategic partnerships with companies like S&P Global, Workday, and JAGGAER.
The company has also received funding from the WIT fund (women in technology), which invests in women-led tech startups. The teal-themed company has a big addressable market, and CEO Tim Schigel expects that it will keep growing. The TealBook team has grown from 45 employees to 130 in one year, and plans to grow by about 50 percent in the next year. The team is expected to hit the majors with a major rollout in the near future.
Total capital raised to more than $73 million
Earlier this week, Happify Health, an international software-enabled healthcare platform, announced a $73 million capital raise. The new funding will allow the company to expand its global healthcare solutions. It will also help it accelerate its technology roadmap and specialized solutions for enterprise customers.
The funding will also be used to drive relationships with pharmaceutical companies and help grow the company’s Digital Therapeutics and Care Delivery solutions. It will also help the company develop and expand its AI models that power Anna, a software-based coach.
It has been cash flow positive for 18 months. The company plans to go public in the future, but has no definite timeframe. In the meantime, it is seeking to raise a series C funding through SeedInvest. The offering statement has been qualified by the Securities and Exchange Commission, and the firm plans to use the new funding to accelerate its technology roadmap and expand its healthcare solutions.