Taking its name from the tealbook that grew from the book, “The Three Blind Mice,” the Toronto-based company has been creating software for the supply chain industry. Its latest product, COVID-19, has been amplified with an aim to improve the way companies handle supply chain operations.
Funding round details
Located in Toronto, Ontario, Tealbook is a company that specializes in providing a data intelligence platform that helps procurement professionals make data-driven decisions. They do this by mining billions of data points and providing a solution that enhances the quality of that data. In short, Tealbook helps procurement professionals make smarter, data-driven decisions that improve their organizations. The company has two main cloud-based products: a supplier data management solution and a supplier discovery tool. Its latest incarnation has 45 employees and has expanded into new sectors such as telecommunications, manufacturing and healthcare. The company also has plans to hire an additional 39 people by the end of the year.
While Tealbook has not yet revealed the amount of money they have raised so far, the company has secured funding from companies such as BDC Capital, Grand Ventures, Good Friends, Ten Coves Capital, RTP Global, and Royal Bank of Canada. The company has raised an estimated $22 million to date. The company will use the funds to increase their footprint, accelerate their data roadmap, and drive sales and marketing. The company has also announced partnerships with software providers including Workday, RapidRatings, Ivalua, and EcoVadis.
For a start, the company has a machine learning-based extractor that allows users to easily assess a large database of suppliers from a single, easy-to-use dashboard. Their other coolest feature is the ability to make smarter procurement decisions by integrating with the myriad of procurement solutions available.
COVID-19 amplified TealBook’s aim to improve supply chain operations
During the COVID-19 pandemic, the aim of data startup TealBook to enhance supply chain operations was amplified. The company aims to help procurement professionals make data-driven decisions.
The organization offers a platform that helps supply chain professionals evaluate a global network of suppliers. Its Autonomous Data Enrichor proactively captures and updates information on suppliers. The company also uses machine learning concepts to generate unique insights on supply chains. It has raised $30 million CAD to date. The company plans to use the new capital for product development, sales, marketing and engineering.
The company recently launched a free vendor report to help organizations get a glimpse of what suppliers are available. The report includes information from 400 million worldwide websites. It will be available through the end of April. The report also covers relevant suppliers, including healthcare and manufacturing companies.
The study shows that 72% of procurement leaders are concerned about supplier intelligence. It’s important to gather timely information on suppliers, especially in a multitier supply chain. This means establishing a list of critical components, optimizing production capacity and evaluating the real demand from final customers. It’s also a good idea to question demand signals from medium-term customers.
Keeping tabs on thousands of suppliers isn’t easy. Many organizations rely on supply managers to maintain the proper tracking. But automated systems can be used to scan alternative travel routes and look for alternative suppliers.
Productboard data gathering and analytics tool
Using a data gathering and analytics tool in tandem with a customer-driven product management system is a win-win. By incorporating the customer’s feedback, you’re able to deliver products that they are most likely to buy. The resulting data is useful in both deciding and implementing new features. For example, you can easily leverage the most common customer complaints to ensure the product is as user-friendly as possible.
The company a few years back spent a fair amount of time and money working with external data consultants. As a result, it was only natural that it look to do the same thing in house. The results were a success. The company is now looking for a data-oriented engineer.
Matus, is tasked with figuring out how to use the data and build out the company’s internal data infrastructure. He’s a data wizard who has spent countless hours experimenting with the hottest data trends in the industry. He is also the go-to guy for product, feature and technology testing, and has been involved in some of the company’s most important projects to date.