Founders Post: TEAL Secures $10.8 Million in New Funding, Pushing Valuation Above $100 Million
These are exciting times at Teal! As covered last week by Geekwire, Nasdaq, The Business Journal, Built In Seattle, 5G Open Innovation Lab, IoT For All, and others, we’re thrilled to share the next stage in Teal’s growth journey as we secured $10.8M in Series A-1 funding. This new capital brings Teal’s total Series A funding amount to $20.0 million and was led by an incredible group of investors including StageDotO Ventures, Stormbreaker Ventures, and Capital Eleven.
Since closing our Series A funding in April 2021, Teal has seen 1,032% recurring revenue growth and 1,815% growth in active monthly users – but we’re just getting started!
We will use this new round of funding to accelerate growth and bring on new team members in sales, marketing, engineering, product, customer success, and operations, doubling the size our existing team as we push the future of the Internet of Things (IoT) forward. We will also be expanding our footprint into international markets, onboarding new mobile network operator partners, and accelerating our technology roadmap.
Solving Pain Points Across Various Industries and Verticals
At Teal, we are the first platform in the world to provide IoT customers with programmable access to multiple native 5G networks and networking technologies within a single solution. By developing a technology that gives our customers control over which data networks they access, we’ve created the first truly intelligent and scalable network credentialing platform that spans a broad range of fast-growing IoT verticals and use cases, including in mobility, healthcare, industry 4.0, agriculture, defense, robotics, private LTE/5G and more.
Powering the Next Generation of IoT Connectivity
The Internet of Things (IoT) space is expanding rapidly, but legacy solutions and MVNOs are constrained by a single network, roaming agreement, or network technology. Teal’s platform give its customers programmable access to over 3,000 network paths, expanding beyond public cellular networks to offer customers access to private cellular networks, satellite networks, and LoRaWA networks. Each of these network technologies has a role in the future of IoT, and we have built a platform and technology that expands an already massive total addressable market.
Investing in New Hires
With our new funding, we will continue to accelerate product development and market expansion activities, while growing our team. Teal is hiring across all departments, and we plan to grow from nearly 50 to 100+ employees within the next 12 months. We are thrilled to have recently added several key hires including, Robb Monkman, VP of Marketing, Jin Liu, VP of Global Network Alliances, and Jamie Collins, Director of Operations.
Personally, I am excited about the company culture we are building together. The entire team shares a passion and motivation for collectively pushing the boundaries of what’s possible and achieving incredible technological feats. This enthusiasm is reflected in every conversation we have with those inside and outside of our company.
If you’re ready to jump on a rocket ship, please check out this video to find out how amazing it is to work at Teal!
The proliferation of IoT devices, combined with the rollout of 5G networks, is a game-changer that creates a whole set of new opportunities and possibilities for edge technologies. 5G’s lightning-fast connection and low-latency are needed advancements for the digital future and emerging technologies such as Artificial Intelligence (AI), driverless cars, digital reality, and blockchain will all benefit from this convergence. However, accessing these networks can be challenging, which is where Teal bridges the gap as the first and only IoT platform in the world to provide its customers with programmable access to multiple native 5G networks within a single solution.
Thank You to Our Supporters
To our investors, we want to thank you for your trust and for sharing in Teal’s mission and vision for the future.
To our clients and partners, thank you for giving us the opportunity to help you solve your connectivity pain points and challenges. We are grateful for your business and look forward to continuing to support you.
And finally, to #TeamTEAL – each and every one of you have made a huge impact. Your hard work is recognized and we would not be here without you. This is only one step in our journey to become the fastest growing and most innovative company within the IoT space. To reach our ultimate goal, it will take a true team effort, and each one of you has a critical part in Teal’s success. Onward and upward!
About The Author:
Michael Johnston is the Co-Founder and Chief Business Officer at Teal. Prior to founding Teal, Michael worked as a Sr. Management Consultant at Microsoft and Co-Founded Rallysong. Michael is a member of the Forbes Technology Council and has held several Board and Advisory positions at early-stage technology companies and philanthropic foundations.