Company Delivers Dynamic Vendor Data to $20B eProcurement Software Market
TORONTO, Canada, January 22, 2020: Tealbook Inc., the ‘Trusted Source of Supplier Data,’ today announced that it has closed $5.0 million in a seed plus funding round led by Refinery Ventures. Grand Ventures, Workday Ventures, Stand Up Ventures and BDC Capital’s Women in Technology Venture Fund also participated in the round. The investment will be used to fuel product innovation and drive sales and marketing initiatives, further expanding the company’s global footprint.
“Advanced analytics depend on good data,” stated Tim Schigel, managing partner of Refinery Ventures. “This is especially true in the eProcurement market. And in order to make progress, organizations must have the ability to access the right data. Tealbook is the only company that can provide this type of granular visibility to its customers. We are thrilled to add Tealbook to our portfolio and look forward to working with Stephany and her team through the company’s next phase of growth.”
Tealbook removes the data barrier to success by combining advanced machine learning techniques with peer review data concepts. By doing so, Tealbook proactively enriches supplier data, resulting in the gradual elimination of the data dichotomy that is crippling supply chain organizations and polluting technology environments. Its platform empowers procurement teams with better visibility, increased accuracy and effortless analytics across the supplier base. This positions Tealbook as the data foundation for all technology platforms.
Stephany Lapierre, CEO and founder of Tealbook stated, “We are excited to welcome experienced investors that recognize the unique opportunity Tealbook presents in proactively delivering a trusted source of supplier data that’s critical to procurement digital transformation. Leading with data versus technology is the shift required for a competitive, agile and frictionless procurement function that can effectively support the growing demands of the business.”
The financing will be used to enhance machine learning capabilities and deliver additional global native versions of its proactive supplier data monitoring functionality. Additionally, the company is dedicating resources to building a sales and marketing engine that will support accelerated growth patterns and continue to solidify Tealbook’s position as “The Trusted Source of Supplier Data,” powering today’s $20 billion eProcurement software industry and beyond.
Tealbook continues to attract experienced talent from the industry, including the recent appointments of Matt Palackdharry to vice president of sales and strategy. The company will continue to grow the team to support customer needs and market traction.
Tealbook helps companies instantly access and share trusted supplier intelligence. Tealbook’s platform, which powers any existing P2P technology, significantly reduces the time and effort required for supplier discovery and exponentially increases the scale and productivity of procurement systems/teams. Tealbook can help ensure the transformation to the cloud is successful by removing debatably the largest barrier: poor data. Tealbook provides trusted intelligence, instant supplier identification, and elevated industry knowledge to global enterprises of all sizes and industries including Biogen, Humana, Federated Co-operatives, Ascend Materials and TTEC. For more information, visit www.tealbook.com.
About Refinery Ventures
Established in 2017 by Tim Schigel, Refinery Ventures is an investment firm focused on disruptive, early-scale companies. Drawing from his extensive experience in founding and serving as CEO of ShareThis, the most recognizable icon on the Internet, to creating the Cintrifuse Syndicate Fund, where he raised over $57 million, Schigel built Refinery Ventures to bridge the gap between the Midwest and the coasts. Refinery Ventures is located in Cincinnati Ohio. For more information, please visit www.refinery.com.