TealBook, a Toronto, Canada-based supplier of data foundation that autonomously enhances supplier data and powers e-procurement technology, raised $50m (USD) in Series B funding.
The round was led by Ten Coves Capital with participation from BDC Capital, Grand Ventures, Royal Bank of Canada, Reciprocal Ventures, Refinery Ventures, S&P Global, Stand Up Ventures, RTP Global, Workday Ventures, Good Friends, along with debt financing from CIBC Innovation Banking. In conjunction with the funding, Ned May, a Managing Partner of Ten Coves, is also joining the board of directors.
The company intends to use the funding to accelerate its data roadmap, introduce new partnerships and integrations, and expand their team to fuel global expansion.
Led by Stephany Lapierre, Founder and CEO, TealBook uses AI to autonomously enrich supplier data across millions of global suppliers. 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 can 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. 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 increasingly complex requirements of their organization.
TealBook has partnerships with SAP in the SAP® PartnerEdge® program, Workday, JAGGAER, Ivalua, GEP, EcoVadis, Beroe, RapidRatings, and RiskRecon.