Founded in 2007, TealBook is a startup with a very Belaruscrawleycoindesk – to become the world’s largest online marketplace for real estate. In order to achieve this, the company has raised over $73 million in capital from investors so far.
About TealBook
Whether your goal is to save time and money, improve your bottom line, or simply make a greener choice, TealBook’s supplier data platform is designed to deliver the goods. This includes a suite of products that augment the supply chain management solutions you already have in place, as well as new tools to help you find the best vendors for your business.
One of the most impressive features of the company’s product is its ability to augment and update the data on your suppliers’ websites in real time. The company uses artificial intelligence to enrich the information and provide you with a view of your suppliers’ best practices. It also offers an overview of sustainable and ethical practices.
While there are many products on the market, TealBook’s flagship solution is the first global supplier data platform. It collects, categorizes and gleans valuable supplier data from over 400 million web pages, resulting in a wealth of insights. You can also integrate it with your existing ERP solution, or deploy it across your organization to help you discover and evaluate new vendors.
Series A funding
Founded in 2015, Tealbook is a supplier intelligence platform that leverages machine learning to provide transparency to the supply chain e-procurement ecosystem. The platform works with existing ERP solutions, e-procurement applications, and sourcing platforms to improve data accuracy and speed up the discovery process for new suppliers. It also helps companies work with diverse businesses.
The company’s two core products are a supplier data intelligence platform and a network of buyers. The platform uses machine learning to build a comprehensive database of supplier information, which is then enriched and updated proactively. The platform also includes descriptions of risks and practices and certification information.
Tealbook has received investments from a number of venture capital firms including Stand Up Ventures, CIBC Innovation Banking, Grand Ventures, and RTP Global. It has also received debt financing from Silicon Valley Bank. Its latest round saw participation from RBC Ventures, Ten Coves Capital, and Good Friends.
Tealbook’s technology was created in response to the need to quickly change suppliers during global supply-chain disruptions. The platform allows users to evaluate a global network of suppliers, spotlighting similar suppliers and detailed descriptions of their products, services, and financial data. The company has been able to grow its revenue by more than 350 percent, and has been adopted by a variety of Fortune 500 companies, including Biomarin, Dropbox, and GSK.
Total capital raised to more than $73 million
Using machine learning, AI and supply chain data, TealBook is helping enterprises find and access the diverse suppliers needed for their business. The company’s flagship product is a supplier data intelligence platform that can help companies of all sizes and sectors work more effectively with other organizations. The product is powered by a data foundation that is comprised of 600 “concealed” databases.
The company is also looking to expand its team, which includes a Cincinnati office opening late September, and plans to use the funding to accelerate its platform R&D and sales efforts. The company also plans to introduce new partnerships to its roster, including software providers like Workday and SAP, and a partnership with the SAP PartnerEdge program.
In addition to its supplier data intelligence platform, the company has launched two main products, one focused on supplier management and another focused on sourcing. The latter helps buyers evaluate a global network of suppliers. The company’s products are designed to complement and extend the functionality of a company’s existing procurement software. In its early days, TealBook was a “use case”-focused company that used data to improve a company’s procurement processes. Today, it uses machine learning and artificial intelligence to analyze data from a company’s entire supply chain. The results can be used to optimize supplier relationships and meet ESG goals.
Partnerships with SAP
Founded by Stephany Lapierre in 2015, TealBook is a supplier data foundation that leverages artificial intelligence (AI) to enrich supplier data. The company provides companies with robust supplier information and insights to drive strategic procurement programs.
The company was named one of Spend Matters’ 50 Procurement Providers to Know, and recently announced a new partnership with RapidRatings. Additionally, TealBook is an SAP PartnerEdge program partner. Through this partnership, customers will be able to access TealBook’s supplier diversity information in SAP’s Procurement Guided Buying and Supplier Risk modules.
The platform also brings sustainability insights to the critical phases of a supplier’s life cycle. It supports application programming interface (API) connectivity with SAP procurement software products. The solution identifies potential security risks in the supply chain, and monitors a supplier’s sustainability performance.
Conclusion
TealBook has partnerships with several other e-procurement solutions, including Workday, RapidRatings, JAGGAER, and EcoVadis. Its integrated supplier diversity data automates supplier diversification status management, allowing businesses to leverage diverse suppliers in their strategic procurement programs.
