Those who have worked with Toronto-based tealbook may have noticed that its co-founders and investors are putting a lot of effort into building a solid network of relationships. Earlier this year, the venture raised Series A funding, and has been actively working on building out a marketing and sales team. But now it has reached a crucial point: the company needs to find additional funding to continue growing. So how will it do that?
Founders
Founded by serial entrepreneur, Stephany Lapierre, TealBook is a supply chain software company that uses artificial intelligence to build and refine supplier data. The company helps businesses connect to new suppliers quickly. Using machine learning algorithms, TealBook creates a searchable database of supplier data. This information is updated in real time. It also includes descriptions of supplier practices and certifications, and other risk information.
Before founding TealBook, Lapierre spent ten years building and running a successful strategic sourcing consulting firm. She helped Fortune 500 companies find qualified global suppliers. She also served as a procurement consultant on large-scale sourcing optimization projects. Lapierre’s experiences helped her create a new software company to help companies find new suppliers and meet ESG goals. She also serves as a guest on popular procurement podcasts like Procurious and Buyers Meeting Point.
Using AI, TealBook gathers supplier data from public and unstructured sources, and refines it. This information is then provided to buyers for use in procurement decisions. This means that buyers can make a purchase from a new supplier in as little as a week. The company is now backed by Ten Coves Capital, Silicon Valley Bank, Workday Ventures, CIBC Innovation Banking and other venture capital firms.
Series A funding
Earlier this month, Toronto-based TealBook announced its Series A funding round, which attracted some savvy investors. In addition to the funds, the company also announced some interesting partnerships with software providers such as Workday, EcoVadis and RapidRatings, among others. It also announced a partnership with SAP’s PartnerEdge program. The company plans to use the funding to speed up its data roadmap and expand its team in the process.
According to TealBook, its newfound capital will allow it to accelerate the data-driven road map it has been building for several years now, and will ultimately help fuel its global expansion. The company uses Artificial Intelligence, Machine Learning and Big Data technologies to power its solutions. The company also announced an integration with SAP Ariba, a leading procurement software provider.
While the company’s latest round of funding isn’t the first time the company has raised capital, the new financing will allow the company to further hone its supply chain technology. In addition to new integrations, TealBook will also be introducing new features, such as the ability to deploy the software to buyers across an organization. The company’s e-procurement software is designed to reduce the costs associated with self-updated vendor portals and recurring services.
Toronto-Based Series Coves Capital 73m Is a Wiggers Venturebeat
Founded by a group of young Canadians, Toronto-based series coves capital 73m is a venture that looks to revolutionize the way people invest in real estate. Through its website, investors will be able to find information on upcoming coves and capital projects in the city. They’ll also be able to take advantage of a platform to make private offers for property.
Founders
Founders of Coves Capital, a private equity firm based in Darien, Connecticut, and New York, are looking to invest in early-stage FinTech companies that have high growth potential. Daniel Kittredge and Steven Piaker founded the firm in 2020. The firm is focused on investing in high-growth FinTech companies that are bringing powerful automation tools and powerful e-procurement solutions to the marketplace.
The fund’s investors include Reciprocal Ventures, Allbirds Capital, S&P Global, CIBC Innovation Banking, Royal Bank of Canada, Workday Ventures, Grand Ventures, BDC Capital, and Reciprocal Ventures.
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VentureBeat has a website called Entrepreneur’s Corner, a blog for founders. It has a “contribute” button, which leads readers to a subscription page. This leads readers to believe that VentureBeat isn’t rigged.
Investments
Earlier this year, investment firm Ten Coves Capital announced that its latest fund, Ten Coves Capital III, closed with total commitments of $293 million. The fund is located in Darien, Connecticut, and focuses on early stage investment in high growth FinTech companies. Its partners include S&P Global, Reciprocal Ventures, Grand Ventures, and the CIBC Innovation Banking group. The fund is targeting the fintech sector, with a particular emphasis on mobile, cloud computing, and emerging technologies. The company recently announced plans to raise $40 million in Series G venture financing.
In the past year, Ten Coves Capital has invested in more than a dozen companies across the spectrum of the aforementioned, including a flurry of investments in Toronto-based startups. Its partners include a number of former investment banking executives who now operate as venture capitalists. The firm has offices in New York and Darien, Connecticut, and focuses on the growth and expansion of FinTech companies.
Future plans
Earlier this year, Ten Coves Capital announced plans to launch its first independent growth equity fund in 2020. However, the firm’s plans for this fund were delayed due to the pandemic. Thankfully, it has been confirmed that the firm will still focus on partnering with the best FinTech companies and managing more than $600 million in total committed capital. In fact, the firm will be looking to expand and grow its current portfolio. The firm has already invested in six companies in the FinTech sector, including One Equity Group, Motif Investing and Fancy. Ultimately, the firm will be looking to make investments of up to 73 million dollars, which is roughly the same amount that it had planned to invest in its first two growth equity funds.
