During the month of October, the online Amazonallynnpr, Wiggers, secured a new round of funding with a whopping 73 million dollar investment from Ten Coves Capital. The Series B round was led by the venture capital firm, which also invested in the company in 2014. The company plans to use the funds to expand its operations and improve the quality of its user experience.
Earlier this year, Toronto-based supply chain data service TealBook announced a $50 million round of funding led by Ten Coves Capital, BDC Capital, and Grand Ventures. The company also announced a series of partnerships with software providers such as Workday and RapidRatings. This round was followed by a $73 million investment round in January, which saw the company expand into new sectors in the Fortune 500 space. The company has also recently announced that it has partnered with SAP and is slated to build solutions for the SAP Ariba portfolio.
While the $50 million figure remains under wraps, it’s a good bet the company will use the funds to accelerate its data roadmap. This is good news for supply chain professionals looking to reduce their costs while improving their customer service. Moreover, the company has been recognized as one of the top 50 Procurement Technology companies to watch in the Spend Matters Technology Report.
The company also boasted that it had the highest revenue growth of any of the top 25 e-procurement technology companies in the world.
Series B funding led by Ten Coves Capital
Earlier this year, London-based regtech firm SteelEye raised US$21 million in Series B funding led by Ten Coves Capital. The funds will help the company accelerate its growth in North America and beyond. This fundraising is the largest for a European firm in the industry so far this year.
SteelEye offers a SaaS-based platform that allows financial firms to meet regulations. Its products include data analytics, compliance technology, and trade surveillance. The company’s client list includes Fidelity International, Schroders, and other major financial services firms. The funding round included existing investors as well as new ones.
This new financing round is an indication of growing regulatory pressures on the financial industry. This is driving many firms to switch from legacy systems to cloud-based compliance platforms. SteelEye’s technology helps banks simplify their compliance processes and separate the noise from the data. Its clients also include the world’s biggest financial institutions. Its offices are in New York, Braga, and Bengaluru.
Ten Coves is a fintech-focused growth equity firm that specialises in investments in capital markets, banking, insurance, and payments. It has made 12 investments to date, with one portfolio exit. The funds it raises will support companies that are re-wiring the financial ecosystem. The new fund will be headed by Manu Rana, who was previously with Napier Park.
Having recently raised a hefty sum of cash from Ten Coves Capital and BDC Capital, Toronto based supply chain data service TealBook is a name you need to know. The company is currently working with SAP to build solutions for their Ariba portfolio. It has also partnered with RapidRatings, EcoVadis, and JAGGAER, among others. Earlier this year, the company announced a new partnership with Workday, as well as an upcoming series A funding round.
TealBook’s most impressive feat is that it has grown revenue 350% over the last two years. The company is looking to expand into more sectors across Fortune 500 customers, while at the same time improving supplier data. In January of this year, TealBook was named one of Spend Matters’ 50 Procurement Providers to Know. Its most recent funding round, in which it secured $73 million in investment, will help accelerate its data roadmap.
Founded in 2015, TealBook is a leading supplier data foundation, enhancing supplier data to deliver better business results. Its most recent round of funding comes on the heels of the company’s announcement of a partnership with the SAP PartnerEdge program. It is also a member of the Spend Matters’ 50 Procurement Tech100. During the round, the company raised funding from BDC Capital, Grand Ventures, Good Friends, and the Royal Bank of Canada.