The Toronto-based company, whose procurement platform uses AI to curate supplier data and help buyers make decisions, said RTP Global, an early-stage venture firm founded by Russian entrepreneur Leonid Boguslavsky, led the round. It includes investment from BDC Capital, Grand Ventures and Reciprocal Ventures, and debt financing from Silicon Valley Bank. (The Logic)

Talking point: Tealbook will use the money to support more innovation, grow sales and fund marketing initiatives to expand its global presence. “The problem here is that once an organization reaches thousands to hundreds of thousands of suppliers, data quickly becomes disparate across systems and people,” CEO Stephany Lapierre said in a statement. That can cost businesses and Tealbook’s investors see the value in helping companies “unify and synchronize supplier data like never before.” The pandemic helped fuel the company’s growth, Lapierre told BetaKit, as buyers needed to control their spending or ensure a steady supply from a supply chain under pressure.