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About
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. Unlike competitors, Fairmarkit operates on a subscription-based SaaS model, providing tools that help clients manage their procurement effectively and save time and money. The company's goal is to transform how businesses handle their tail spend, leading to better control and significant cost savings.
Company Stage
Series C
Employees
51-200
Industries
Enterprise Software, AI & Machine Learning
Total Funding
$74.5M
Headquarters
Boston, Massachusetts
Founded
2017
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 10.2% by 2028.
- Fairmarkit secured $35.6 million in Series C funding to expand its platform.
What critics are saying
- Increased competition from new entrants like Zip and Tealbook in procurement technology.
- Potential over-reliance on partnerships, such as with Amazon Business, poses vulnerabilities.
- Economic downturns could impact Fairmarkit's subscription-based revenue model.
What makes Fairmarkit unique
- Fairmarkit automates tail spend management, reducing manual work for procurement teams.
- The platform uses machine learning to streamline sourcing and vendor identification.
- Fairmarkit partners with Amazon Business to enhance enterprise procurement processes.
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6 month growth
↑ 0%1 year growth
↓ -3%2 year growth
↓ -17%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
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