Fairmarkit provides an AI-driven autonomous sourcing platform focused on tail spend, integrating with legacy procurement systems to find and recommend vendors and push results back into customers' procurement workflows. Customers can configure priorities such as price, sustainability and vendor diversity and the system automates vendor matching, competitive sourcing and awarding. The company serves about 100 customers, including British Petroleum, BT Group, Snowflake and strategic investor ServiceNow, and generates revenue via SaaS licensing fees that scale with spend processed through the platform. Management reports that the amount of spending moving through the platform grew 4x in the last 12 months, though it did not disclose revenue figures. Fairmarkit has grown headcount from 70 at the end of 2020 to 135 today and plans to double again over the next year, and has added a head of belonging, inclusion and culture as it scales. The company emphasizes building an inclusive workforce while advancing its autonomous sourcing product roadmap. Fairmarkit builds an AI-driven marketplace and vendor recommendation engine that centralizes procurement for enterprise tail spend (purchases under $1 million). The system imports a customer’s vendor data and combines it with other buying information to determine needs and find best prices, and the company says customers have cut purchase costs by about 10% using the platform. It also surfaces diverse vendors — including women-, veteran- and minority-owned and local businesses — to give them a fair shot at contracts. The company counts more than 50 customers across industries, and its first customer was the MBTA. Fairmarkit started the year with 40 employees, has added 30 since, and plans to double headcount next year. CEO and co-founder Kevin Frechette has positioned the product as a challenger to legacy procurement systems and favors a remote-first approach to broaden hiring. Fairmarkit provides an AI-powered tail spend management software platform that automates enterprise procurement to drive cost and time savings by increasing competition and reducing manual touchpoints. The platform connects directly to existing internal systems, enabling a rapid implementation process. It serves customers across industries including healthcare, manufacturing, media, and transportation, with named customers such as ServiceNow and Univision. The company plans to use the new funding to expand its business reach and operations and to create new jobs across product development, customer success, and marketing. Fairmarkit also intends to extend its product suite in partnership with a customer advisory board made up of procurement leaders from companies including The Andersons Inc., Univision, ServiceNow, and Blue Cross Blue Shield of Kansas City. Financially, the company completed an $11M Series A round led by Insight Partners with participation from its seed investors. FairMarkIT provides a SaaS platform that enables companies to achieve savings on tail spend purchases by gathering insights from unstructured tail-spend data. The product applies machine learning techniques to automate request-for-quote (RFQ) workflows, helping buyers find the ideal supplier and obtain better prices with less time and effort. Led by CEO Kevin Frechette, the company is focused on scaling operations to support its customer base. FairMarkIT is based in Boston, MA. In May 2018 the company raised its first round of institutional funding, though the amount was not disclosed. The company said it will use the proceeds to expand the team.

Total raised

$77M

Funding rounds

4

Latest round

Series C

Latest activity

Sep 2022