Fairmarkit is the award-winning AI-powered tail spend management software and is the premier solution for optimizing tail spend, from sourcing through payment.
Fairmarkit enables effective spend management by driving automation and leveraging data, allowing procurement teams to reorient their time and focus toward strategic initiatives.
Fairmarkit was founded in 2017 by Kevin Frechette, Tarek Alaruri, & Victor Kushch. The company is headquartered in Boston, Massachusetts.
Fairmarkit automates enterprise procurement, driving cost and time savings through increasing competition and reducing manual touchpoints. The platform enables procurement departments to increase spend under management and reduce supplier risk.
Fairmarkit leverages machine learning and artificial intelligence to create market competition and automate tail spend, reducing manual touchpoints and driving cost savings for the 80% of enterprise procurement transactions that have been ignored historically.
Fairmarkit serves customers in a wide variety of industries, including healthcare, manufacturing, media, and transportation. Through streamlined sourcing, vendor identification, and automated quoting, Fairmarkit accelerates the bid-to-buy process.
Fairmarkit is backed by Insight Partners, MassVentures, NewFund Capital, NewStack Ventures, VT Technology Ventures, and several angel investors. The company raised $11M from a "Series A" financing on Oct 23, 2019. This brings Fairmarkit's total funding to $11.9M to date.
Fairmarkit's machine learning technology has been recognized by industry specialists as a key disruptor in the procurement space, including being named #1 Disruptor by CPOStrategy and a Future 5 award recipient by Spend Matters.