About Fairmarkit
Fairmarkit improves the procurement process by focusing on "tail spend," which includes smaller purchases that can add up significantly. Using machine learning, it streamlines sourcing, vendor identification, and automates quoting, making the bid-to-buy process faster. The company operates on a software-as-a-service (SaaS) model, allowing clients to subscribe for tools that enhance procurement efficiency. Fairmarkit's goal is to help businesses save time and money while gaining better control over their purchasing activities.
Boston, MassachusettsHeadquarters
2017Year Founded
$74.5MTotal Funding
SERIES_CCompany Stage
Enterprise Software, AI & Machine LearningIndustries
51-200Employees
Benefits
Flexible working hours
Highest level of development and pure DevOps culture - top technology stack
Skilled and highly motivated teammates, passionate about technologies
Fast decision making process in a company and effective interaction between teams and departments
Possibility to improve the development process and bring your ideas, knowledge sharing between colleagues and teams
Latest MacOs work equipment (macbook)
100% salary sick leaves covering, 20 days of paid vacation
Referral program: we appreciate your recommendations and reward every successful hire
Professional trainings & courses, attendance of conferences & meetups are paid by Fairmarkit
Cute office with a cozy workplace, drinks and snacks
Risks
Increased competition from new entrants like Zip and Tealbook in procurement technology.
Economic instability in Latin America could affect Fairmarkit's regional expansion success.
Customer data privacy concerns may lead to regulatory scrutiny impacting Fairmarkit's operations.
Differentiation
Fairmarkit automates tail spend management, reducing manual work in procurement processes.
The platform uses machine learning to streamline sourcing and vendor identification.
Fairmarkit offers a SaaS model, providing subscription-based access to procurement optimization tools.
Upsides
Fairmarkit's partnership with Amazon Business enhances sourcing efficiency for enterprises.
The $35.6 million Series C funding indicates strong investor confidence in Fairmarkit.
Expansion into Latin America shows growing demand for procurement solutions in emerging markets.
Funding
Total raised$74.51 M
Latest valuation$178.00 M
StageSERIES_C
SERIES C
8/31/2022$36
$178.00 MSERIES B
11/30/2020$30
$150.00 MSERIES A
9/30/2019$11
$55.00 M