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Located in Toronto, Canada, TealBook is a supplier intelligence startup that provides a data foundation for companies in the procurement industry. The company’s platform spotlights detailed supplier descriptions, financial information, certification information, contact information, and more. It also works to enrich supplier data through AI. TealBook’s technology can be deployed to buyers across an organization to find new suppliers. The platform can also be integrated with existing ERP solutions and e-procurement solutions.
TealBook has partnerships with various vendors in the procurement industry, including Ivalua, Workday, Beroe, RapidRatings, JAGGAER, EcoVadis, Noosh, GEP, and SAP. It also participates in the SAP PartnerEdge program, which allows companies to integrate with its platform to gain access to SAP’s entire portfolio of procurement solutions. The company plans to use its funding to grow its global footprint and accelerate the development of its data roadmap. The company also plans to expand its team.
TealBook is one of the top 50 procurement providers according to Spend Matters, and it has recently been named to the #ProcurementTech100. The company has recently expanded into new sectors and worked with companies such as Gilead Sciences, Brooks Brothers, and the U.K. government during the pandemic.
Funding round details
Founded by two former Warby Parker employees, TealBook is an e-procurement technology company that connects buyers and suppliers to improve data and accelerate procurement decisions. It has partnerships with SAP, Beroe, Ivalua, Workday, and EcoVadis, among others. It also recently launched an SAP PartnerEdge program. It plans to use the funds to accelerate its R&D efforts and drive sales.
TealBook is one of the top companies in the global procurement software market. It recently earned a place on the CIX Top 20 list, and it was named to Gartner’s Cool Vendors list. It has also been named one of Spend Matters’ Top 50 Procurement Providers. The company is also in the news for its work with Brooks Brothers and the U.K. government during a pandemic. Its other achievements include helping pivot manufacturing and extending diversity spending.
The company recently raised a series A round of funding, bringing its total funding to more than $22 million. The series was led by RTP Global, a venture capital firm that specializes in early-stage technology investments. The round also featured investors like Grand Ventures, Stand Up Ventures, Reciprocal Ventures, and the Royal Bank of Canada.
Planned data roadmap
Founded in Toronto, TealBook is a supplier data foundation that uses machine learning to collect and analyze data to help enterprises improve their supply chains. The company has 600 “concealed” databases, and has partnerships with companies including EcoVadis, JAGGAER, Noosh, RapidRatings, and Ivalua. With the company’s new funding, TealBook will expand its team to fuel global expansion. They will also introduce new integrations and partnerships, and accelerate their data roadmap.
The company’s funding round includes a number of investors, including CIBC Innovation Banking, Grand Ventures, Stand Up Ventures, BDC Capital, Reciprocal Ventures, and the Royal Bank of Canada. In addition, Osler Hoskin & Harcourt advised Ten Coves Capital on the transaction. The company plans to use the money to speed up their data roadmap, as well as drive sales. The company has also introduced partnerships with software providers including Workday, Beroe, Noosh, RapidRatings, Ivalua, and SAP. They are also planning to build solutions for the SAP Ariba portfolio.