Fairmarkit

Fairmarkit is an AI-enabled procurement platform built for sourcing lower-dollar, non-strategic purchases, or “tail spend,” more efficiently.

Fairmarkit's autonomous sourcing platform transforming how enterprise procurement teams manage their tail spend and beyond. 

Fairmarkit was founded in 2017 by Kevin Frechette, Tarek Alaruri and Victor Kushch. The company is headquartered in Boston, Massachusetts.

 

Fairmarkit's SaaS platform centralizes supplier data and leverages its machine learning recommendation engine to match business needs to relevant suppliers, saving time and money.

 

Fairmarkit's platform also integrates with leading ERP systems like Ariba, Coupa, Oracle, SAP and ServiceNow. The platform is on track to complete over 200,000 competitive sourcing events in 2022.

 

Fairmarkit serves more than 50 enterprises, including BP, British Telecom, Cabot Corporation, Emirates Flight Catering, Vattenfall, Refinitiv, and Snowflake. The company has an ecosystem of over 350K suppliers.

 

Fairmarkit is backed by Insight Partners, MassVentures, GGV Capital, OMERS Growth Equity, HighlandX, NewFund Capital, NewStack Ventures, ServiceNow, VT Technology Ventures, 1984 VC, and others. The company raised $35.6M in Series C round on Sep 01, 2022. This brings Fairmarkit's total funding to $77.5M to date.

 

 

  • Year founded: 2017
  • Funding Info: $77.5M over 4 Rounds (Latest Funding Type: Series C)
  • Yearly Revenue: NA
  • Employee Size: 51-200
  • Business Valuation: NA
  • City/Town: Boston
  • State: Massachusetts
  • Country: United States
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