- TealBook — a leading supplier data foundation that autonomously enhances supplier data and powers e-procurement technology — announced recently it has raised $50 million. These are the details.
TealBook — a leading supplier data foundation that autonomously enhances supplier data and powers e-procurement technology — announced recently it 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 plans to use the funding to accelerate its data roadmap, introduce new partnerships and integrations, and expand their team to fuel global expansion. And since TealBook announced Series A Funding in January 2021, it has experienced 350% revenue growth, added 70 team members, and expanded into EMEA and new sectors across Fortune 500 customers.
Plus TealBook also announced partnerships with software providers including an SAP partner in the SAP PartnerEdge program. Through this partnership, TealBook is looking forward to building solutions that work with the SAP Ariba Procurement portfolio. Other partnerships include Workday, JAGGAER, Ivalua, GEP, EcoVadis, Beroe, RapidRatings, and RiskRecon – whom all share in the vision that excellent supplier data is a universal and agnostic requirement for transformative procurement.
TealBook utilizes AI to autonomously enrich supplier data across millions of global suppliers. And 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 is able to 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. And 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 the increasingly complex requirements of their organization.
KEY QUOTE:
“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. 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.”
“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.”
— Stephany Lapierre, Founder and CEO of TealBook
“TealBook’s supplier data foundation enables companies to activate and unlock unlimited possibilities for innovation and cost savings. 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.”
— Ned May, a Managing Partner of Ten Coves, who is also joining the board of directors
“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.”
— Annette O’Hanlon, Chief Corporate Responsibility and Diversity Officer for S&P Global
