“We realize that the current economic climate has put a strain on our customers to do more with less, as every line item is being scrutinized for cost saving and every opportunity to drive operational efficiencies is being pursued. “Our system was built specifically to focus on the high-volume purchases that can require long purchase cycles and largely go unmanaged and ignored by enterprise procurement teams, who have traditionally relied on enterprise technology that is clunky and manual,” said Kevin Frechette, co-founder and CEO of Fairmarkit. Its platform also integrates with leading ERP systems like Ariba, Coupa, Oracle, SAP and ServiceNow. This reduces traditional manual efforts by offering templates and automating steps of RFQs, RFPs, and Reverse Auctions, eliminating the need for buy desks.
With its SaaS platform, Fairmarkit centralizes supplier data and leverages its machine learning recommendation engine to match business needs to relevant suppliers who submit competitive quotes. Tail spend in an organization can make up 80% of purchases, account for 80% of suppliers and 20% of budget. 5000 fastest-growing private companies list, ranked 159.įairmarkit is an AI-enabled procurement platform built for sourcing lower-dollar, non-strategic purchases, or “tail spend,” more efficiently. In addition, Fairmarkit was recently added to the 2022 Inc. The company is optimizing the platform for all sourcing events and plans to add the same level of intelligence to payments, bringing customers closer to full autonomous sourcing. The new capital will further fuel Fairmarkit’s rapid growth through strategic hiring, increased technology partnerships and product development.
The round was led by OMERS Growth Equity with participation from investors GGV Capital, Insight Partners, HighlandX, as well as a new strategic investment from ServiceNow. BOSTON-( BUSINESS WIRE)- Fairmarkit, the automated sourcing platform that is transforming the procurement of goods and services for enterprises, today announced a $35.6 million Series C investment, bringing its total funding to date to $78 million.
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