Dec 14, 2021, 07:00 ET
TORONTO, Canada, Dec. 14, 2021 /PRNewswire/ -- TealBook, the leading supplier data foundation that autonomously enhances supplier data and powers e-procurement technology has raised $50 million (USD) in Series B Funding led by Ten Coves Capital. Other notable investors include: BDC Capital, Grand Ventures, Royal Bank of Canada, Reciprocal Ventures, Refinery Ventures, S&P Global, Stand Up Ventures, RTP Global, Workday Ventures, Good Friends, an early-stage venture capital firm started in 2019 by the founders of Warby Parker, Harry's and Allbirds, along with debt financing from CIBC Innovation Banking. TealBook will use the funding to accelerate its data roadmap, introduce new partnerships and integrations, and expand their team to fuel global expansion.
Since TealBook announced Series A Funding in January 2021, it has experienced 350% revenue growth, was named as one of Spend Matters 50 Procurement Providers to Know and one of the #ProcurementTech100, added 70 team members, and expanded into EMEA and new sectors across Fortune 500 customers.
TealBook also announced partnerships with software providers including an SAP partner in the SAP® PartnerEdge® program. Through this partnership, TealBook looks forward to building solutions that work with the SAP® Ariba® Procurement portfolio. Other partnerships include Workday, JAGGAER, Ivalua, GEP, EcoVadis, Beroe, RapidRatings, and RiskRecon, who all share in the vision that excellent supplier data is a universal and agnostic requirement for transformative procurement.
"An estimated $700 billion in digital transformation spending falls short of delivering on the desired results. The complexity of achieving a successful digital transformation, up until now, has been limited by a lack of good supplier data," said Stephany Lapierre, Founder and CEO of TealBook. "Organizations need access to quality and up-to-date supplier data at the speed and scale that can keep up with market dynamics and growing global requirements. Despite heavy investment to accelerate digital transformation, companies have been challenged with supplier information that is siloed, stalled, incomplete and often unusable. The supplier base is an enterprise's biggest untapped asset. If optimized properly, it can deliver hundreds of millions of dollars in value."
TealBook uses AI to autonomously enrich supplier data across millions of global suppliers. With minimal implementation required, the platform offers an enhanced and consolidated view of an organization's entire supplier base, valuable insights, reporting, supplier search and outreach capabilities. TealBook can integrate with existing ERP and e-procurement solutions to automate data enrichment, which reduces the cost and resources associated with recurring services, integrations, and supplier self-updated portals. TealBook can also be deployed to buyers across the organization to access updated and complete information about existing suppliers as well as quickly find new, diverse, sustainable and local suppliers to meet increasingly complex requirements of their organization.
"TealBook's supplier data foundation enables companies to activate and unlock unlimited possibilities for innovation and cost savings," said Ned May, a Managing Partner of Ten Coves, who is also joining the board of directors. "Today, TealBook is delivering tremendous value through this supplier diversity, supplier discovery and data foundation offerings; its unique data assets feed off a powerful network effect and have the potential to power a myriad use case as the business scales. We are extremely impressed with the quality of the team, technology, and software agnostic approach, and are thrilled to lead the Series B."
"Our investors realize how a solid data foundation can transform companies' procurement operations. We are beyond excited for this next phase of our growth and will use the influx of capital to supercharge our technology and expand value to our customers and partners," added Stephany Lapierre.
"TealBook's approach to enriching supplier data particularly across SMBs combined with their go-to-market strategy strongly positions TealBook to deliver the sort of proprietary data that global organizations are seeking, especially around ESG requirements," said Annette O'Hanlon, Chief Corporate Responsibility and Diversity Officer for S&P Global.
By using TealBook, the world's largest organizations have the data they need to make critical decisions, resulting in empowered and transformative procurement strategies.
TealBook is advancing the world through supplier data by empowering the digital enterprise with an autonomously enriched supplier data foundation that powers e-procurement technology, drives supplier diversity, and enables supplier performance. Using AI and ML, TealBook gathers, predicts, and refines supplier data to build the world's most comprehensive supplier intelligence. When there are supply chain disruptions, companies leverage TealBook to identify emergency sourcing options; when it's business as usual, they use TealBook's technology to unleash full procurement possibilities. TealBook has been adopted by Fortune 100 companies and is the winner of many prestigious awards including Spend Matters 50 Vendors to Know, ProcureTech100 and Gartner's Cool Vendor. For more information, visit www.tealbook.com.
About Ten Coves Capital
Ten Coves Capital invests in innovative, high growth FinTech companies where its capital, network and decades of experience can help accelerate growth and value creation. Investing across payments, banking & lending, asset management, capital markets, and insurance & benefits, among other segments, the Ten Coves team has helped scale nearly 40 companies that are solving industry pain points, enabling workflows, and providing critical infrastructure to the largest financial institutions down to SMBs. For more information, visit tencoves.com.
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