Whether you’re a skeptic or an investor, you have to admit that Toronto-based tealbook is making headlines right now. The company has raised a Series B round of funding led by Ten Coves Capital and has seen massive growth in the last year. It has also partnered with SAP. It has 70 team members, and it has already racked up 350% in revenue.
Series B funding led by Ten Coves Capital
Earlier this year, UK-based compliance technology firm SteelEye raised a US$21 million Series B funding round led by Ten Coves Capital. The funds will be used to support the company’s accelerated growth plans in North America.
SteelEye provides a SaaS-based solution that brings compliance to the cloud. The firm’s holistic platform combines trade and communications data, enabling banks and financial firms to meet regulatory requirements. SteelEye also promises to simplify regulatory reporting and reduce the risk of non-compliance with rules. It has offices in New York and Bengaluru. It has already secured clients from the likes of Fidelity International and Schroders.
SteelEye has already raised $43 million in total funding, including funds from a series of investors, including Beacon Equity Partners, Fidelity International Strategic Ventures and Osler, Hoskin & Harcourt LLP. It has also been recognized as a ProcurementTech100 company by Spend Matters. The firm recently launched a partnership with SAP PartnerEdge program. In addition, it announced new partnerships with software providers such as Workday, RapidRatings and EcoVadis.
350% revenue growth
Earlier this year, TealBook announced its largest funding round to date. Led by Ten Coves Capital, the round was also accompanied by notable VCs like BDC, Grand Ventures and Reciprocal Ventures. While the company is still small fry, it is well on its way to becoming one of the most respected names in e-procurement. TealBook has made a name for itself by enhancing supplier data with the use of Artificial Intelligence, Machine Learning, Natural Language Processing, and other esoteric capabilities. Earlier this year, the company announced a partnership with SAP to enhance its SAP PartnerEdge program. With this in mind, the company will likely expand its team to fuel future growth.
The company has also landed a spot in Spend Matters’ coveted list of top 50 procurement providers. Among the company’s most noteworthy achievements is its foray into new sectors spanning the Fortune 500. TealBook has made its mark in the procurement arena with a suite of industry-leading solutions, backed by a talented team of professionals who take pride in the company’s stellar customer service.
Partnerships with SAP
Among the SAP partners are some of the most recognized names in the enterprise software industry. For instance, OpenText and SAP have been working together for more than 25 years. During that time, they have developed solutions for a broad range of industries, including healthcare, manufacturing, banking, financial services, retail and more.
SAP partners are responsible for helping customers transform their business through the use of SAP products and services. They are also expected to generate leads and net new customers for SAP. Depending on the region, partners will be expected to perform a variety of tasks.
The SAP partnership agreement lays out what a partner is expected to do. It also contains numerous provisions, including clauses on payment and repeated non-payment. In addition, the contract holds out a carrot for the partner to get more business. It provides for SAP to terminate the relationship if a scenario is not met.
SAP does not provide any testing of the interfaces and applications that partners provide to SAP customers. Instead, SAP’s account management has complete knowledge of the implementations of other vendors and their products.
70 team members
Investing in supplier data, TealBook is a Toronto-based foundation for e-procurement technology. It uses Artificial Intelligence and Machine Learning to collect and enhance supplier data. It works with a wide range of partners, including SAP, RapidRatings, EcoVadis, Workday, Beroe, Ivalua, and JAGGAER. TealBook has been recognized as one of Spend Matters’ 50 Procurement Providers to Know. It also announced that it has partnered with the SAP PartnerEdge program. It plans to build solutions for the SAP Ariba portfolio. Ultimately, it plans to expand its team to fuel its global expansion.
This new funding will help accelerate TealBook’s data roadmap. Specifically, it will enable the company to introduce new partnerships and integrations. TealBook also plans to expand into new sectors of the Fortune 500.
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