Among the investors who have backed the Series B of 13mlundentechcrunch are Ten Coves Capital and Wiggersventurebeat. These funds will invest a total of 73 million dollars in the company. This amount of money will be used to expand TealBook’s team and to continue to develop the service.
About TealBook
During the first quarter of this year, TealBook (pronounced “teal”) grew revenue by nearly 350 percent, allowing it to expand into new sectors and garner attention from Fortune 500 customers. It also made a splash with its partnership with SAP, one of the leading procurement software providers. The company aims to expand its footprint with a slew of new software partners as well as solutions for the SAP Ariba portfolio. Its AI augmented supplier data management system is a boon to buyers looking to streamline their supplier base and reduce the cost of recurring services.
While TealBook’s platform focuses on the sourcing function, it also has a number of other capabilities that enhance the buying experience. For example, it has a network of buyers and suppliers that are able to share best practices and provide one-stop shopping opportunities for the latter. In addition to being able to connect these groups, the company also provides detailed supplier descriptions and financial and certification information. This allows buyers to make better decisions with regard to their buying processes and supply chain. The company’s AI-powered supplier data management system also allows for easier integration into existing ERP solutions, reducing the costs associated with self-updating supplier portals. It is estimated that the global procurement software market will grow from $6.7 billion in 2017 to $7.3 billion in 2022.
Series B financing led by Ten Coves Capital
Regulatory technology firm SteelEye recently completed a US$21 million Series B funding round. The firm plans to use the funds to accelerate its expansion into the US. SteelEye is a London-based company that provides a SaaS-based RegTech platform. Its product allows financial firms to simplify the compliance process. Its clients include Schroders and Fidelity International.
In addition to Ten Coves Capital, SteelEye was also supported by Beacon Equity Partners. The firm’s Series B fundraising was the largest fundraising by a European regtech company this year. SteelEye also counts Fidelity International Strategic Ventures and Illuminate Financial among its existing investors.
SteelEye focuses on data analytics and compliance technology. It offers a modern unified data capture solution that separates noise from actionable investigations. The company has offices in New York and Bengaluru, India.
SteelEye’s Series B financing round is led by Ten Coves Capital alongside existing investors, including Fidelity International Strategic Ventures. Manu Rana will participate as a Founding Partner. Ten Coves Capital will assume management of two growth equity funds, with an aggregate commitment of $325 million.
SteelEye will use the funds to expand its operations in North America, as well as in Europe. The firm will be led by Manu Rana, who will remain at Napier Park. The company will also use the funds to accelerate its data roadmap.
About Wiggersventurebeat
Having been named as one of the top 50 Procurement providers on the planet, TealBook is on a roll. In the past two years, the team has seen a 350% growth in revenues. The company recently announced a new suite of solutions for SAP Ariba, and plans to expand its team to fuel global expansion. The company has also made the industry-leading use of artificial intelligence and machine learning to streamline the procurement process for its global customer base. The company is the only procurement provider to receive the SAP partnerEdge program’s prestigious “Supply Management Excellence” award.
Conclusion
As a member of the SAP PartnerEdge program, TealBook will have access to SAP’s best practices, as well as the latest and greatest in supply chain technology. TealBook is also a founding member of the SAP XML Consortium, and has recently announced a new program to help SAP customers connect with the best suppliers for their unique needs.
