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About Fairmarkit
Industries
Enterprise Software
AI & Machine Learning
Company Size
51-200
Company Stage
Series C
Total Funding
$74.5M
Headquarters
Boston, Massachusetts
Founded
2017
Overview
Fairmarkit improves the procurement process by focusing on "tail spend," which includes smaller purchases that can add up significantly. The platform uses machine learning to streamline sourcing, vendor identification, and automate quoting, making the bid-to-buy process faster and more efficient. Clients subscribe to this software-as-a-service (SaaS) platform to manage their procurement needs, which helps them save time and money. Fairmarkit's goal is to transform how companies handle their tail spend, allowing for better control and significant cost savings.
Simplify's Take
What believers are saying
- Fairmarkit ranks No. 604 on the 2023 Inc. 5000 list of fastest-growing companies.
- The global procurement software market is projected to grow at a CAGR of 9.1% by 2028.
- Fairmarkit secured $35.6 million in Series C funding to optimize tail spend.
What critics are saying
- Increased competition from new entrants like Zip and Tealbook in procurement technology.
- Economic instability in Latin America could impact Fairmarkit's regional expansion plans.
- Data privacy regulations like GDPR and CCPA pose challenges for handling sensitive data.
What makes Fairmarkit unique
- 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 advanced analytics and performance reporting.
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Funding
Total Funding
$74.5M
Below
Industry Average
Funded Over
3 Rounds
Insight PartnersIndustry standards
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
Growth & Insights and Company News
6 month growth
↑ 1%1 year growth
↑ 2%2 year growth
↑ 2%Inception, a G42 company specializing in AI-native products, has signed a Memorandum of Understanding (MoU) with Fairmarkit, a U.S.-based leader in procurement sourcing automation.
Fairmarkit, a leading AI-powered autonomous sourcing solutions provider, today announced its expanded partnership with Sonoco, a global leader in high-value sustainable packaging, to streamline procurement operations across Latin America.
Top Performers - Bellwether, BirchStreet Systems, Fairmarkit, Medius, OpusCapita, Periscope Holdings, and Tradogram were awarded "Top Performer" honors.
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The autonomous sourcing platform Fairmarkit announced September 26 that it had launched an artificial intelligence tool aimed at automating sourcing processes to help procurement teams save time.
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About Fairmarkit
Industries
Enterprise Software
AI & Machine Learning
Company Size
51-200
Company Stage
Series C
Total Funding
$74.5M
Headquarters
Boston, Massachusetts
Founded
2017
Fairmarkit is Hiring for 0 Jobs on Simplify!
Find jobs on Simplify and start your career today