Tealbook, a startup founded in 2014 in Toronto, was originally developing a platform connecting sellers and corporate buyers. With the help of the service, the business had to monitor the procurement process to prevent problems typical of this area. Subsequently, the company shifted its focus to the use of artificial intelligence and machine learning to analyze and evaluate supplier data in combination with existing software and procurement systems of its customers.
History
2021
Raising $50 million
On December 14, 2021, the Canadian company TealBook, which analyses and evaluates supplier data and electronic procurement systems for its customers, attracted $50 million in investments.
The company intends to use the funding to accelerate its data roadmap, introduce new partnerships and integration, and expand its team to ensure global expansion.
Tealbook today also announced key partnerships with the following software vendors: Workday, JAGGAER, Ivalua, GEP, EcoVadis, Beroe, RapidRatings and RiskRecon, and has also become an SAP partner in the SAP PartnerEdge program.
 | Organizations need access to high-quality and up-to-date supplier data with speed and scale that can meet market dynamics and growing global requirements, "says Stephanie Lapierre, founder and CEO of TealBook. |  |
| | Despite significant investments in accelerating digital transformation, companies face problems that are fragmented, frozen, incomplete, and often unsuitable for using supplier information. The supplier base is the largest unused asset of the enterprise. With the right optimization, it can generate a profit of hundreds of millions of dollars.[1] | |
Attracting $14.4 million of investments
On January 26, 2021, Tealbook announced the attraction of $14.4 million in investments. The most in the Series A funding round was invested by Leonid Boguslavsky's RTP EFC, but the amount is not specified.
In addition to RTP Global, the investment deal involved funds BDC Capital, Grand Ventures, Recipe Ventures, Refinery Ventures, S&P Global, Stand Up Ventures and Workday Ventures. And Silicon Valley Bank provided Tealbook with a loan, the size of which is not specified.
Tealbook intends to use the funds raised to continue the continuous development of innovation within its platform. In addition, part of the funds will be used to stimulate sales and marketing campaigns aimed at further expanding the company's global presence, the press release said.
| | Companies seeking to accelerate their digital transformation are enough with excess. However, enterprises with large and disparate supplier networks face the increasing challenge of obtaining accurate and comprehensive information about their partners that they need for growth and innovation. And the reality is that even the best software in the world is useless without reliable data. Tealbook and its team are distinguished by a unique understanding of the market, "said RTP Global partner Julius Schwerin.[2] | |
Notes
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