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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. Clients subscribe to this software-as-a-service (SaaS) platform to manage their procurement more efficiently, leading to time savings and better pricing. Fairmarkit's goal is to help businesses cut procurement cycle times by up to 40%, resulting in substantial 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'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.
What critics are saying
- 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.
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 subscription-based access to procurement optimization tools.
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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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