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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 company uses machine learning to streamline sourcing, vendor identification, and automate quoting, making the bid-to-buy process faster. Its software-as-a-service (SaaS) platform helps clients manage these purchases more effectively, saving time and ensuring competitive pricing. Fairmarkit's goal is to help businesses gain better control over their purchasing activities while achieving cost savings.
Company Stage
Series C
Employees
51-200
Industries
Data & Analytics, Enterprise Software, Fintech, AI & Machine Learning, Financial Services
Total Funding
$77.5M
Headquarters
N/A
Founded
2017
Simplify's Take
What believers are saying
- Fairmarkit's inclusion in the Inc. 5000 list for the second time highlights its rapid growth and market acceptance.
- The recent $35.6 million Series C funding round provides substantial capital for further innovation and market expansion.
- Clients like Blue Cross Blue Shield and Emirates Flight Catering demonstrate Fairmarkit's ability to serve large, diverse enterprises effectively.
What critics are saying
- The procurement technology market is highly competitive, requiring continuous innovation to maintain a competitive edge.
- Dependence on machine learning algorithms means that any flaws or biases in the technology could lead to suboptimal procurement decisions.
What makes Fairmarkit unique
- Fairmarkit focuses on optimizing 'tail spend,' a niche yet significant area often overlooked by traditional procurement solutions.
- The use of advanced machine learning to automate sourcing and vendor identification sets Fairmarkit apart from competitors relying on manual processes.
- Partnerships with major players like Amazon Business enhance Fairmarkit's credibility and expand its market reach.
6 month growth
↓ -2%1 year growth
↓ -16%2 year growth
↓ -6%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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