A startup backed by Refinery Ventures continues to build its capital stack.
Toronto-based Tealbook, which has a growing team in Cincinnati, announced recently the completion of a $50 million Series B round to fuel its growth. The round was led by Connecticut-based private equity firm Ten Coves Capital. In an email, Tim Schigel, co-founder of Refinery, confirmed the Over-the-Rhine-based firm participated in the raise.
Tealbook, founded in 2014, is a intelligence platform for suppliers that wants to revolutionize the way buyers obtain data. Tealbook leverages machine learning and artificial intelligence to provide transparency, agility and insight to the supply chain e-procurement ecosystem.
The company will use the funding to accelerate its data roadmap, introduce new partnerships and integrations, and expand its team to fuel global expansion. Schigel said the firm currently has eight Cincinnati-based employees, with plans to grow that number in the months to come.
The raise comes less than a year after Tealbook completed a $14.4 million Series A. Refinery also participated in that round.
