Toronto-based Tealbook, a big data company that provides a platform to fix enterprise supplier data, has raised $14.4 million in Series A financing. The round was led by RTP Global, with participation from BDC Capital, Grand Ventures, Reciprocal Ventures, Refinery Ventures, S&P Global, Stand Up Ventures and Workday Ventures. Silicon Valley Bank supplied debt funding.
TORONTO, Canada, January 26, 2021: Tealbook Inc., the ‘Trusted Source of Supplier Data,’ today announced that it has closed $14.4 million (USD) on the heels of tremendous growth, in an A round with lead investor, RTP Global. Other notable investors participating in the round include, BDC Capital, Grand Ventures, Reciprocal Ventures, Refinery Ventures, S&P Global, Stand Up Ventures and Workday Ventures along with debt financing from Silicon Valley Bank. S&P Global and Reciprocal Ventures are new investors.
The company intends to use the funds to support the platform’s continued innovation, and drive sales and marketing initiatives further expanding the company’s global footprint.
Tealbook is a supplier intelligence platform with the power to revolutionize the way buyers obtain data. By using Tealbook, customers have the data they need to make critical decisions, resulting in empowered and transformative procurement strategies. As a big data company, Tealbook leverages machine learning and AI to provide transparency, agility and insight to the supply chain e-procurement ecosystem.
“There’s no shortage of companies seeking to accelerate digital transformation efforts. However, enterprises with vast and siloed supplier networks are dealing with the increasingly daunting task of accessing accurate and comprehensive supplier information to drive growth and innovation. And the reality is that the best software in the world is effectively useless without good data,” said Julius Schwerin, Partner at RTP Global. “This is the unique insight, Tealbook, Stephany and her all-star team have honed in on and is what differentiates them in the market. I fundamentally believe that Tealbook has the potential to be one of the preeminent data foundations powering supply chains now and in the future, and I am excited to work with the team to bring this opportunity to fruition.”
“Tealbook’s supplier data and intelligence platform is complementary and strategic to Workday as we expand further into the office of the Chief Procurement Officer,” said Mark Peek, managing director and co-head of Workday Ventures. “Workday began our investment journey and partnership with Tealbook in December 2019, joining its seed plus round. We have been impressed with the quality of the team, technology, and software agnostic go-to-market strategy, which is why we’re participating in the Series A round.”
Tealbook was recently positioned by Kearney as the data foundation for the future state of technology in the e-procurement ecosystem. The company’s platform removes the data barrier to success by combining advanced machine learning techniques with peer review data concepts. By doing so, Tealbook proactively enriches supplier data, resulting in the gradual elimination of the data dichotomy that is crippling supply chain organizations and polluting technology environments. Its platform empowers procurement teams with better visibility, increased accuracy and effortless analytics across the supplier base. This positions Tealbook as a leading data foundation for technology platforms. This position is validated by its robust partner network which already includes tier 1 organizations such as Ivalua, Jaggaer, Beroe and Noosh.
Stephany Lapierre, CEO and founder of Tealbook stated, “The problem here is that once an organization reaches thousands to hundreds of thousands of suppliers, data quickly becomes disparate across systems and people. That siloed data can lead to significant negative and costly consequences for businesses. Our investors realize the power that Tealbook gives back to these companies as we are able to unify and synchronize supplier data like never before. We are excited to welcome new investors and use the influx of capital to accelerate our investment in supplier data and technology to expand value to our customers and partners.”
Tealbook is a Big Data company that provides a platform to fix enterprise supplier data forever. Tealbook does this through proprietary Autonomous Data Enrichment technology which proactively captures and maintains changing supplier information. In addition, Tealbook provides a data foundation that can be leveraged by other eProcurement solutions to ensure these larger investments are successful. Tealbook has been adopted by Fortune 100 companies across multiple sectors and is the winner of many prestigious awards including Spend Matters 50 Vendors to Watch, Gartner’s Cool Vendor, CIX Most Innovative Company and Most Upside Potential by C100. Tealbook’s mission is to deliver a ‘Trusted Source of Supplier Data’ to an ever-growing procurement space. For more information, visit www.tealbook.com.