Afternoon Coffee: Tealbook nets $5 million; Simfoni raises $3 million; GEP lands CITGO; Google Cloud for Lufthansa

Tealbook, a provider of enriched supplier data meant to improve a procurement team’s visibility, announced that it has raised $5 million in a seed plus funding round led by Refinery Ventures.

The Toronto-based firm plans to expand product development and its global footprint, according to a press release.

Stephany Lapierre, CEO and Founder of Tealbook stated, “We are excited to welcome experienced investors that recognize the unique opportunity Tealbook presents in proactively delivering a trusted source of supplier data that’s critical to procurement digital transformation. Leading with data versus technology is the shift required for a competitive, agile and frictionless procurement function that can effectively support the growing demands of the business.”

Grand Ventures, Workday Ventures, Stand Up Ventures and BDC Capital’s Women in Technology Venture Fund also participated in the round.

Simfoni raises $3 million to expand spend analytics, automation

Simfoni, a digital solutions provider for spend analytics and buying automation with offices in the UK, Chicago and Dubai, announced that it has raised $3 million in Series A financing, which was led by UK-based investor BOOST&Co’s venture debt, with support from private investors.

“I am absolutely delighted to have secured venture debt through BOOST&Co,” Simfoni Executive Chairman Chirag Shah said in a press release. “The criteria to qualify for venture debt is much higher than for venture capital — requiring technology companies to have not just strong growth but a demonstrable runway to profitability.”

Stefan Dent, Simfoni CEO Spend Automation, added: “This funding will help us to increase brand awareness and ensure that Simfoni is front of our customers’ minds when seeking procurement analytics, cost reduction or spend management solutions. Importantly, funding will also accelerate development of our artificial intelligence capability as we seek to further extend the scope of spend automation activities.”

Lauren Couch, Principal at BOOST&Co, said in the press release: “We have been really impressed by Simfoni’s ability to deliver rapid cost-reduction opportunities for its customers. … Simfoni’s growth demonstrates the fact that their products are quick to deploy and are loved by their customers.”

CITGO selects SMART by GEP for procurement software

CITGO Petroleum Corporation has chosen to deploy SMART by GEP to provide full sourcing, contract lifecycle management (CLM) and supplier information management (SIM) across its non-hydrocarbon procurement operations. GEP said in a press release that as the industry's leading cloud-native direct and indirect procurement software platform, SMART by GEP unified all the functions of procurement in a single product that is native to cloud, touch and mobile technologies.

Google Cloud nets Lufthansa and Sabre

Google is executing on its strategy of getting new players to onboard its cloud service for enterprise and specific verticals like healthcare, energy and travel. It has announced two new customers in the travel business: Lufthansa Group, the world’s largest airline group by revenue, and Sabre, a company that provides backend services to airlines, hotels and travel aggregators, according to TechCrunch.

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