During a recent round of funding for the start-up TealBook, a $50M Series B was led by Ten Coves Capital. Ten Coves is a venture capital firm based in New York that focuses on early stage companies. It is led by a former vice president at Morgan Stanley Capital Partners, Ned Welch, and a Senior Associate, Kyle.
Using data collected from more than 400 million websites and 600 million data attributes, TealBook provides procurement professionals with a plethora of information. These offerings include a supplier profile, the latest in supplier management technology, and predictive analytics. Using TealBook’s solutions, procurement organizations can find the perfect supplier for each specific need.
TealBook also recently announced a Serieshalltechcrunch partnership with SAP’s PartnerEdge program, which will allow the company to integrate its solutions with the enterprise resource planning software provider’s portfolio. The company plans to also introduce new partner offerings in the near future, as it continues to drive growth.
TealBook recently raised a whopping $50 million in series B funding led by Ten Coves Capital, Reciprocal Ventures, Grand Ventures, and Workday Ventures. The company said it plans to use the funding to expand its team and accelerate its data roadmap. It’s also introducing the “Oslo,” a new initiative to drive its innovation by tapping into the latest and greatest technologies.
Currently, Ned is the vice chairman of Legacy Trust Company, a vice president at Morgan Stanley Capital Partners, and a director of the Harry E. Bovay Jr. Foundation. He previously held a number of key roles with Citigroup Inc. beginning in 2008.
Previously, Nic Dunn worked as an investment banker in Morgan Stanley’s technology and media group. He has led or co-led more than 30 investments over the past 30 years. He is a director on the boards of Visma, Benevity, and IRIS. His key areas of expertise are mergers and acquisitions, technology, and private equity. He has been a member of the Council of University College London. He is also a World Fellow of the Duke of Edinburgh Awards.
Prior to his tenure at Morgan Stanley, Toscano worked at Bankers Trust, which was purchased by Morgan Stanley in 2010. He joined the firm in 2010 and was the managing director of global leveraged finance. He is a member of the firm’s Investment Banking Division Management Committee and Global Capital Markets Operating Committee. He also serves as a voting member of the Capital Commitments Committee. He has been a strong supporter of the University of Connecticut since 2005.
Currently, Kyle is a Senior Associate at Ten Coves Capital, a private equity firm headquartered in Darien, Connecticut. Ten Coves was founded in 2020 by Daniel Kittredge and Steven Piaker. The company has an office in New York City. As of this writing, the firm has a small but mighty team of six. The most important function of the team is evaluating prospective investments and providing ongoing oversight to ensure a smooth transition from pre-existing portfolio companies. The team consists of experienced and talented professionals from various sectors of the industry. In a previous life, Kyle worked as a Financial Analyst at Morgan Stanley’s Global Corporate M&A and Strategy Group where he was tasked with evaluating and executing various strategic initiatives and securing high profile transactions.
Ten Coves Capital has a modest portfolio of approximately a dozen middle-market companies with an eye towards growth, scale, and the acquisition of established companies with significant growth potential. The firm primarily invests in enterprise software, financial technology, and technology.