Founded in 2011 by a trio of Toronto-based entrepreneurs, TealBook is on a roll, growing its revenue by 350 percent over the last year. In addition to its impressive growth, the startup recently secured Series B funding and total capital of more than $73 million.
Series B funding
Getting funding for your company can be a tricky process. You may be able to secure funding from your investors, but you will need to show your business has a solid plan for profitability. This is why it’s so important to start cultivating connections with new investors as soon as possible.
One of the most common ways to obtain funds for your business is to attract investors through startup fundraising. This can be done through online equity crowdfunding platforms. These platforms allow the general public to participate in series B funding. These investments provide a wider marketplace for your business, and the funds can be used to expand your brand’s marketing efforts or to strengthen the direct-to-consumer side of your business.
The amount of Series B funding you will receive will depend on the scope of your venture. It’s also important to have a strong product and market evaluation. The valuation of a company will increase when it receives Series B funding.
350% revenue growth
During the Great Pandemic of 2009, TealBook was on hand to help the U.K. government extend its diversity spending. It also rolled out a product to help Fortune 500 companies improve strategic sourcing efficiencies.
TealBook is a well-funded startup, boasting a whopping $50 million in series B funding from the likes of Ten Coves Capital, CIBC Ventures, BDC Capital, Reciprocal Ventures, and Good Friends. The company plans to use its latest influx of cash to accelerate platform R&D and boost sales. Its partners include Beroe, Ivalua, and Jaggaer. The company is also vying for the throne of the global procurement software market, which is expected to grow to $7.3 billion by 2022. The company has a long list of marquee customers including IBM, SAP, and Cisco.
The company claims to be able to track the changes in information about suppliers, and it has an algorithm that allows data to flow into platforms of the customer’s choosing. The company also claims to have a slew of other cool stuff in its toolbox, including a supply chain database for other procurement solutions.
Total capital raised to more than $73 million
Several high-tech companies are raising a bunch of money these days. This trend may be fueled by an increasing pool of angel investors and VCs alike. In particular, Mexican firms are making waves. In the past month alone, a handful of companies have garnered a combined total of over $100 million in funding. Moreover, Chinese investors are taking note of the tech industry. As a result, the region could see an overheated market if these companies don’t succeed.
NowRx, a telemedicine company, raised the bar with a series C round that’s a little more than the sum of its parts. This funding round is largely a byproduct of its parent company’s acquisition of Cornershop earlier this year. The company reportedly plans to leverage the funds to accelerate its technology roadmap and expand into new markets. The money will also be used to develop specialized solutions for enterprise customers. The capital will be spent on new products, technologies and services to help drive relationships with pharmaceutical companies.
Those who have been involved with TealBook for some time now might have noticed that the company has experienced a huge increase in their revenues. During the past six months, they have managed to expand into new sectors and bring in new customers from the Fortune 500 list. They have also increased their revenue by 350 percent, and are expected to achieve even more growth in the future. Currently, TealBook has a total of over 600 “concealed” databases, which they have been using to build their platform. They have gathered data from more than 400 million websites.