USA – Fairmarkit, a Boston, MA-based automated sourcing platform for procurement of goods and services for enterprises, raised $35.6m in Series C funding.
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. In conjunction with the funding, Warda Shaheen, Director, OMERS Growth Equity, joined the Fairmarkit Board as an Observer. The company intends to use the new capital for growth through strategic hiring, increased technology partnerships and product development. 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. With its platform, the company centralizes supplier data and leverages its machine learning recommendation engine to match business needs to relevant suppliers who submit competitive quotes. This reduces traditional manual efforts by offering templates and automating steps of RFQs, RFPs, and Reverse Auctions, eliminating the need for buy desks. The system also integrates with leading ERP systems like Ariba, Coupa, Oracle, SAP and 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.Today, the company serves more than 50 enterprises, including BP, British Telecom, Cabot Corporation, Emirates Flight Catering, Vattenfall, Refinitiv, and Snowflake. Fairmarkit is headquartered in Boston, MA and has offices in New York and Poland. Since its Series B investment in 2020, the company has doubled its workforce with more than 120 current employees globally. 02/09/2022
