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About Fairmarkit
Industries
Enterprise Software
AI & Machine Learning
Company Size
51-200
Company Stage
Series C
Total Funding
$76.6M
Headquarters
Boston, Massachusetts
Founded
2017
Overview
Fairmarkit improves the procurement process by focusing on smaller purchases known as "tail spend," which can add up significantly. The company uses machine learning to streamline sourcing, vendor identification, and automate quoting, making the bid-to-buy process faster. Clients subscribe to Fairmarkit's software-as-a-service (SaaS) platform, which helps them manage tail spend more effectively and save time and money. By automating procurement tasks, Fairmarkit can reduce cycle times by up to 40%, leading to substantial cost savings.
Simplify's Take
What believers are saying
- Fairmarkit's partnership with Amazon Business enhances its procurement capabilities.
- The company secured $35.6 million in Series C funding for expansion.
- Fairmarkit is recognized as a top performer in procurement software by FeaturedCustomers.
What critics are saying
- Increased competition in procurement technology could threaten Fairmarkit's market share.
- Economic instability in Latin America may impact Fairmarkit's regional operations.
- Amazon could develop competing procurement solutions, leveraging its vast resources.
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
$76.6M
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
↑ 0%1 year growth
↓ -1%2 year growth
↑ 0%Fairmarkit named to Forbes' 2025 list of America's Best Startup Employers.
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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Fairmarkit is Hiring for 4 Jobs on Simplify!
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About Fairmarkit
Industries
Enterprise Software
AI & Machine Learning
Company Size
51-200
Company Stage
Series C
Total Funding
$76.6M
Headquarters
Boston, Massachusetts
Founded
2017
Fairmarkit is Hiring for 4 Jobs on Simplify!
Find jobs on Simplify and start your career today
People Also Viewed
Discover companies similar to Fairmarkit