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Today TSFV portfolio company Tealbook kicks off the new decade on a high note. The company announces its US$5M (C$6.3M) seed plus funding round. The round is led by Refinery Ventures with Grand Ventures, Workday Ventures (the strategic investment arm of Workday), Stand Up Ventures and BDC Capital WIT Fund also participating in the round.

Tealbook empowers procurement teams with better visibility, increased accuracy and effortless analytics across the supplier base. Advanced analytics is only as good as the quality of the data. Tealbook leverages AI to become the trusted source of proactively enriched supplier data. The platform solves the huge problem of poor supplier data that is crippling supply chain organizations. 

eProcurement is a fast-growing $20 billion market. Tealbook us addressing a gap in this huge market. It is super exciting to see Tealbook capturing this unique opportunity in delivering a trusted source of supplier data that’s critical to procurement’s digital transformation.