Toronto, ON – July 11, 2018 – tealbook is thrilled to announce we are a recipient of funding from BDC Capital’s $200 million Women in Technology Venture Fund (WIT).
Canada is home to one of the world’s largest venture capital funds solely dedicated to investing in women-led technology companies. BDC Capital’s $200 million Women in Technology Venture Fund has just completed four new deals. The companies span various industries but all have one thing in common – women are leading the growth of business.
“The goal of BDC Capital’s WIT venture fund is simple: Invest in great entrepreneurs and teams where women lead, that build globally competitive businesses that deliver returns. By investing in strong teams and companies where women lead we are leading the way in VC by opening up the path for women leaders to gain confidence in securing venture capital to accelerate the growth of their business, drive competitiveness, and ultimately create large companies that spur a new culture of diversity and inclusion that sits at the foundation for any good business culture. Diversity in leadership is proven to create more value for investors, more value for consumers and support economic growth,” said Michelle Scarborough, Managing Director, Strategic Investments and Women in Technology Venture Fund, BDC Capital.
tealbook was founded by CEO Stephany Lapierre in 2014. After having built a successful procurement consulting business, she saw firsthand the opportunity to revolutionize procurement using the latest technology to improve the quality and access of supplier information for the enterprise. Today, tealbook is a best in class platform that allows organizations to turn static supplier lists into dynamic and intelligent communities.
Two years ago, tealbook started to gain traction with large Fortune 500 companies looking for smarter technologies to improve their procurement processes. Despite early momentum and strong customer advocates, Lapierre was told by potential investors she had “little to no chance” of raising capital as a first time female and single tech founder. Lapierre persevered, attracted an experienced executive team and surrounded herself with seasoned mentors, in order to gain investor confidence and secure seed funding.
“The more women build successful businesses and billion dollar companies, the more women will be inspired to do the same.”
“I have never labelled myself as a ‘female’ tech founder. I want investors to invest in tealbook because it is a great business opportunity and they believe in our vision,” says Lapierre. “However, the stats are real and women have an added hurdle when raising capital. Funds like WIT that focus on supporting great female-led companies give us a leg up. The more women build successful businesses and billion dollar companies, the more women will be inspired to do the same.”
Headquarter in the downtown Toronto tech hub, tealbook to date has secured $4.7 million, built a strong team and highly scalable AI-enabled technology, and won several Fortune 500 customers and partnerships. tealbook has been recognized for its innovation by CIX Top 20, Gartner Cool Vendor List 2018, named AI Startup of the Year and been selected by Sourcing Industry Group executives as the most innovative solution to advance procurement.
The team is preparing to raise a larger Series A in the fall. The capital will be used to grow sales and marketing efforts as well as continue to expand value of the data and platform for enterprise buyers, suppliers and partners.
WIT looks to partner for the long-term, investing both capital and resources to help companies scale. The companies WIT invests in are led or co-led by women who bring together the right technology, team and resources to create new companies that transform or disrupt today’s markets.
For media interviews with Stephany Lapierre, contact Hannah Griffin email@example.com
More tealbook news: New partnership with Canadian Council for Aboriginal Business!