Having just secured Series B financing led by Ten Coves Capital and Wiggersventurebeat, Tealbook is on track to become the largest independent travel agency in the world, bringing in revenue of over 50 million dollars. The company, which started in 2011, boasts a team of 70 individuals and has partnerships with SAP and several other major companies.
Series B financing led by Ten Coves Capital
VC firm Ten Coves Capital led a $50 million Series B financing for TealBook, an e-procurement technology company. The firm’s product helps procurement professionals reduce their costs while boosting their supply chain. Using AI, TealBook crawls over 400 million websites to provide a unified view of suppliers’ information. It also spotlights similar suppliers and provides ethical practices. Its software also integrates with existing ERP solutions.
TealBook’s recent growth has been impressive. The company grew revenue 350 percent in the past year, and was recently named one of Spend Matters’ Top 100 Procurement Providers to Know. The company also announced partnerships with software providers, including Workday, GEP, and RapidRatings. It plans to expand its product portfolio to include solutions for the SAP Ariba portfolio.
TealBook’s investors include Good Friends, Reciprocal Ventures, Stand Up Ventures, CIBC Innovation Banking, RBC Ventures, and Grand Ventures. The firm plans to use the funds to expand its product suite and enter new markets.
350% revenue growth
Despite being founded in 2008, the supplier data crunching behemoth took a two year long sabbatical in the dusty hinterlands of Toronto to get their feet wet. They’re not the only ones. A recent survey revealed that the Toronto region is a veritable hive of talent. For example, the city boasts one of Canada’s most laudable public service providers – the RCMP. On the flipside, a large proportion of the country’s armed forces are stationed in the province – a scenario that is unmatched by its neighbors. Using a mix of both public and private sectors, the region is primed for a golden future.
Partnerships with SAP
Founded in 2015 by Stephany Lapierre, TealBook provides an advanced data foundation for e-procurement technology. Through machine learning and AI, TealBook’s platform captures supplier information from unstructured sources, enriches it with insights and delivers a more complete view of a company’s supplier base. This data provides enterprises with the tools they need to make informed, diverse purchasing decisions.
In addition to enriching supplier data, TealBook offers strategic purchasing capabilities and automated reporting. This platform unifies systems and provides actionable insight, helping users align organizational goals. Using a single database, customers can make a solid sourcing decision faster.
With TealBook’s solution, SAP-using businesses can assess spending with diverse small businesses. This allows them to evaluate the health of suppliers, spurring more diverse spending through strategic sourcing textboard.biz.
Using this supplier data intelligence platform, enterprises can increase spending with diverse suppliers by five to 12 percent. It also reduces risk incidents, improves financial health, and provides insights for decision-making.
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