Invest in Toronto based Tealbook, a startup that is on the verge of raising a 50 million dollar Series A funding round. The company is on track to reach 350% revenue growth over the next 12 months and has over 70 employees on its team. This is a promising start to what is sure to be an exciting journey.
Total capital raised to more than $73 million
Besides a slew of investors, Minnetonka, MN based startup Monteris Medical Inc. (not to be confused with the aforementioned Monteris Medical) has been in the business of transforming the lives of patients with brain tumors by providing the latest and greatest in laser technology. The company’s main product is the NeuroBlate System, a nifty little device that uses a laser to remove intracranial soft tissue. It’s been around since 2013 and FDA approved.
It’s no secret that Minnetonka, MN is a hotbed of tech innovation, so the competition for the best of the best is stiff. This was exemplified by a recent IPO wherein a plethora of investors, including Samsung, Birchview Capital, and Blue Cross Blue Shield stepped up to the plate. Among these are several notable names such as Founders Fund, NEA, and Venture Capital Corporation of America.
350% revenue growth
Founded in 2014, TealBook is a supplier intelligence platform that combines artificial intelligence (AI) and machine learning to enrich and improve supplier data. Through a platform that crawls over 400 million websites, TealBook gathers data from multiple sources. The company enables companies to evaluate their supplier base, as well as their diversity and environmental impact.
The platform provides real-time, dynamic access to the entire supplier base. Its software includes executive contact information, as well as current and historic supplier information. It also offers a comprehensive view of a supplier’s outreach capabilities. It also spotlights suppliers and describes their products and services.
By combining its AI with peer review data concepts, TealBook enables buyers to make better procurement decisions. It also allows employees to collaborate and share information about suppliers.
70 team members
Among the myriad of e-procurement providers, TealBook is most definitely in the know. With a focus on supplier and vendor data and analytics, the company is able to provide its clients with the tools to make smarter procurement decisions. For a relatively small fee, you can use TealBook’s tools to manage your supplier and vendor data and improve your overall procurement performance. As a bonus, you’ll also get access to the latest in supply chain management technology, such as supplier rating and supplier management software. And, if you’re really into your supplier and vendor data, you can even outsource your entire e-procurement operation to a TealBook-certified solution provider.
Series A funding
Using advanced machine learning and peer review data concepts, Tealbook provides the insight necessary to understand and optimize the supply chain e-procurement ecosystem. The company’s platform enables procurement teams to make critical decisions, providing information such as supplier contact details and financial data. This allows companies to gain visibility into their supply chains and reduce costs associated with recurring services. Its software is available to both buyers and suppliers, and can be integrated with existing ERP solutions. The company also hosts a network of buyers, allowing it to provide data that is updated regularly.
The company has partnered with several software providers, including Ivalua, EcoVadis, JAGGAER, Beroe, RapidRatings, and Workday. Its algorithm enables data to flow into the platforms of the customer’s choosing.
Next steps
During the last few years, TealBook has expanded into new sectors across Fortune 500 customers, and achieved 350% growth in revenue. To round out the year, the company landed a spot on Spend Matters’s list of 50 Procurement Providers to Know and announced partnerships with SAP PartnerEdge, Workday, JAGGAER, RapidRatings and EcoVadis. With an eye towards the future, the company is also looking to develop solutions for the SAP Ariba portfolio. Lastly, TealBook is also leveraging its data platform to deliver the most relevant and up to date supplier information to its global customer base.
Conclusion
In the end, it is not surprising that TealBook has managed to secure a $50 million Series B funding round from notable investors like the Royal Bank of Canada and Ten Coves Capital.
