Listed in the Canadian Venture Capital and Private Equity Association (CVCIA), TealBook is a Toronto-based company that provides an online platform for businesses to manage and maintain customer relationships. The firm has been raising Series A funding and is undergoing growth. The company has been experiencing 350 percent revenue growth.
Using machine learning, TealBook is able to intelligently update and augment your supplier master data. And as the name suggests, it’s also an intelligent data hub that can be deployed to enhance the performance of other eProcurement solutions in the enterprise. It’s no surprise then that TealBook has attracted some of the best and brightest in the business.
In its quest to be the supplier data savior of the galaxy, TealBook has won numerous prestigious awards and accolades. Among them is the aforementioned $50 million in series B funding from Grand Ventures, RBC Ventures, BDC Capital, CIBC Ventures, Ten Coves Capital and the aforementioned Reciprocal Ventures. In addition, the company has secured a whopping 400 million data points from over 400 million websites.
Among other things, TealBook also demonstrates the nifty sexiest way to leverage supplier master data to improve business efficiency and bolster overall supplier diversity. The TealBook solution has garnered accolades for its many functionalities, but it has one big advantage over its competitors: the ability to integrate supplier data into existing solutions. As a result, the company has achieved a competitive edge in the increasingly competitive enterprise procurement space. With a large number of supplier data points at your fingertips, the TealBook solution delivers a holistic view of your supplier base, giving you the power to make the right decision in the right moment.
Series A funding
Using AI and supplier data, TealBook helps companies find and work with diverse businesses. The company’s software is also designed to help companies meet their environmental, social, and governance (ESG) goals. It recently announced a partnership with SAP’s PartnerEdge program, as well as partnerships with RapidRatings, JAGGAER, Workday Ventures, and Ivalua.
Previously, TealBook raised at least $9.5 million in funding. The company’s latest round was led by US-based Ten Coves Capital and included participation from other investors. This investment will help the company expand its team, allowing it to fuel global growth.
Founded in 2015, TealBook is a provider of e-procurement technology. It offers a view of the global network of suppliers, including information about their products and services, as well as their outreach capabilities. Its technology is used by many Fortune 100 companies across multiple sectors. It has been able to successfully scale its business with 350 percent revenue growth.
The platform provides insight into innovation. It also increases operational efficiency by reducing the risk of product failure. The company has more than 4,000 customers, and plans to expand its operations in Vancouver, Canada, and Dublin, Ireland. It will also hire 100 new employees worldwide in 2019.
The company’s product suite includes PatSnap, a research and development management solution that combines AI with analytics to provide companies with insight into innovation. The company claims that its service has increased successful product launches by three times.
350% revenue growth
Having said that, TealBook did manage to achieve a 350 percent growth rate during the first half of the year. The company has been aggressively wooing its existing customer base and has expanded into new sectors such as food and beverage, aerospace and defense, and healthcare. In January of this year, TealBook announced a partnership with SAP’s PartnerEdge program. It also has a slew of software partners, including EcoVadis, Ivalua, Jaggaer, Noosh, and RapidRatings.
The company also rolled out an e-procurement solution called the TealBook Marketplace, which will serve as the single point of entry for customers to access a curated database of suppliers, products, and services. Aside from its own proprietary data, the TealBook Marketplace will allow users to compare and contrast suppliers, products, and services in a way that is both convenient and user-friendly. The best part is that TealBook will be able to provide customers with a fully functional, branded supply chain platform that will allow them to better manage their procurement processes, save money, and increase the efficiency of their supply chains.
The company specializes in locating and analyzing unstructured and structured supplier data. Using an artificial intelligence algorithm, TealBook has managed to mine and glean information from over 400 million websites.