Currently, there is a Series B funding round led by Ten Coves Capital to support TealBook’s growth. The company has recently experienced 350% revenue growth and is partnered with SAP. This is a great time to be a part of this company.
About TealBook
Using artificial intelligence, machine learning and supplier data foundation, TealBook delivers a data-rich platform that makes it easier for companies to make better purchasing decisions. It also allows them to find and evaluate suppliers across the globe. The software can be deployed to buyers across organizations to find new suppliers, streamline the procurement process and reduce recurring costs. It also helps companies meet their Environmental, Social and Governance (ESG) goals.
The company has made an impressive 350 percent revenue growth since its inception. The company is currently working with customers in the public and private sector, including Dropbox, GSK, Biomarin, and the University of Virginia. They also have a number of partnerships with software providers, including Workday, EcoVadis and RapidRatings.
The company has also made an impressive US$40 million in Series B equity funding. This round was led by US-based firm Ten Coves Capital and was accompanied by participation from other investors.
Series B funding round led by Ten Coves Capital
Investing in early-stage companies is an opportunity to build a thriving business. The Series A round, also known as seed funding, is the first step in the process. This round provides investors with an opportunity to invest in a growing business and is often followed by various rounds. Each round carries a new valuation, which is determined based on a variety of factors. Companies that raise Series A funding often have an established user base and a strong business plan. A successful business model also attracts new investors.
The Series B funding round for SteelEye was led by Ten Coves Capital and Ten Coves Capital’s existing investors, including Fidelity Strategic Ventures, Illuminate Financial, and Beacon Equity Partners. The Series B round was the largest RegTech fundraising by a European company this year. SteelEye said it will use the funds to accelerate its global expansion and target growth in North America.
350% revenue growth
Using technology, TealBook has recently redesigned its data-gathering process to reduce the cost of self-updating supplier portals. It also has introduced new integrations and partnerships with software providers. With these changes, the company says it can now grow its revenue 350 percent in the next three years.
The company’s two main products are a supplier data intelligence platform and a streamlined procurement process. Its most recent round landed a few prestigious names, including Good Friends, the venture capital firm behind Warby Parker and Harry’s. It also made the cut of investors including Ten Coves Capital, a U.S.-based firm that has been making investments in Canadian companies. A recent round also included participation from BDC Capital, Reciprocal Ventures and other investors.
The company’s supplier data intelligence platform provides a bird’s eye view of the world’s largest supplier base. It offers insight into the products, services and executive contact information of suppliers, and is capable of supplementing existing ERP solutions. A recent round also attracted the attention of Ned May, the former CEO of iRobot and co-founder of AOL. In addition to acquiring new partners, the company has plans to expand its team to drive its global expansion.
Partnerships with SAP
Whether you are seeking a new partner, looking to expand your existing partnerships, or just have questions, you will want to be aware of the expectations and guidelines of the SAP partner program. The program includes four simple engagement models that allow you to close more deals. Those models include Net New Customers, Existing Customer based leads, Client Engagement Managers, and SAP certification.
SAP certification helps you screen providers and determine who has the technical expertise and SAP experience you need. It also helps you clarify what services your potential technical partners offer. You can even use it to narrow your technical partner field.
Many SAP partners offer consulting on a wide variety of SAP topics. You can find a list of SAP partners by searching online. These companies are recognized experts in their fields and will help you develop solutions for your business.
Team members
Several companies slapped the TealBook moniker on their product, including SAP’s SAP PartnerEdge program and software provider Ivalua. Those who were on the lookout for an e-procurement solution that was not only feature rich but also easy to use and cost effective were in for a treat.
The TealBook team has since moved on to other enterprises, including a partnership with GEP in which TealBook will make use of GEP’s procurement solutions to provide its customers with a competitive edge. TealBook will also be leveraging the SAP Ariba portfolio to create a suite of e-procurement solutions. The company has a solid track record and will no doubt add new customers to its teetering roster.
The most important takeaway from this round of investment is that the company is ready to take on the competition. The company’s CEO, Tim O’Donnell, says that he’s got his eye on the prize and looks forward to delivering on its promise. The company has grown 350 percent in the past year, and O’Donnell expects that number to grow by at least 10 percent in the next year.