FairmarkitFunding in Series C of $35.6m was raised by a Boston-based platform that automates the procurement of goods and services.
The round, which brought total funding to date to $78m, was led by OMERS Growth Equity with participation from investors GGV Capital, Insight Partners, HighlandX, as well as a new strategic investment from ServiceNow. Warda Shaheen from OMERS Growth equity, was also an Observer to the Fairmarkit Board.
The company plans on using the new capital to expand its business through strategic hires, increased technology partnerships and product design.
Co-founded in 2017 by CEO Kevin Frechette, COO Tarek Alaruri, and CTO Victor Kushch, Fairmarkit is a SaaS based, AI-enabled procurement platform built for sourcing lower-dollar, non-strategic purchases, or “tail spend,” more efficiently. The company’s platform centralizes supplier data, and uses its machine learning recommendation engine (which matches business needs with relevant suppliers who offer competitive quotes) to make it more efficient. It automates steps of reverse auctions, RFPs, RFQs, and RFPs by providing templates. This eliminates the need to use buy desks. The system integrates with top ERP systems, such as Ariba. Coupa. Oracle. SAP. ServiceNow.
Over the past year, Fairmarkit’s customers’ spend has increased four-fold on the platform, and they are on track to complete over 200,000 competitive sourcing events this year. In addition, the company’s go-to-market partnerships with Accenture, Capgemini, Ernst & Young, Hackett Group and KPMG have contributed to this exponential growth.
The company today serves more than 50 businesses, including BP. British Telecom. Cabot Corporation. Emirates Flight Catering. Vattenfall. Refinitiv. Snowflake.
Fairmarkit’s headquarters is in Boston, MA. It also has offices in New York (USA) and Poland (Poland). Fairmarkit has more than 120 employees around the world since its Series B investment in 2020.