FairMarkIt
Latest round
- Series C
Last raised
- Jul 2022
Total raised
- $77M
Investors
- 10
About FairMarkIt
FairMarkIt, Inc.FairMarkIt, Inc. was founded in 2017 in Boston, US. The firm specializes in providing an autonomous sourcing platform designed to optimize procurement strategies for a variety of enterprises. The company is co-founded by Kevin Frechette and Tarek Alaruri, with Kevin Frechette currently serving as CEO.FairMarkIt offers an autonomous sourcing platform that leverages automation and artificial intelligence (AI) to optimize procurement processes for various enterprises. The platform enables organizations to streamline sourcing activities, enhance engagement with business users, and automate repetitive tasks involved in the procurement cycle. Key functionalities include supplier recommendations, strategic sourcing, and automated negotiations, which significantly reduce sourcing times and improve competitive bidding outcomes. Serving a diverse clientele, including Fortune 50 companies and high-growth businesses, FairMarkit addresses the challenges of tail spend management and overall procurement efficiency.FairMarkIt generates revenue primarily through a subscription-based model, where clients pay for access to its autonomous sourcing platform. The business transactions occur within a B2B framework, allowing enterprises to leverage the platform for various sourcing needs. Clients typically engage in multi-year agreements, benefiting from a suite of services that automate procurement tasks, enhance supplier interactions, and provide data analytics for continuous improvement. Although specific pricing plans for the services are not disclosed, the company emphasizes the value of its platform in driving cost savings and efficiency for its users.In July 2022, FairMarkIt, Inc. The company plans to expand into new geographic regions, targeting additional markets in North America, Europe, and Asia over the next few years. FairMarkIt is focused on enhancing its platform capabilities and launching new features designed to further streamline procurement processes.
Who invested in FairMarkIt
10 investors across 4 rounds
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Questions about FairMarkIt
Who invested in FairMarkIt?
FairMarkIt has 10 investors on record across 4 venture rounds. Sign up free to see every VC on the cap table and the rounds they joined.
How much funding has FairMarkIt raised?
FairMarkIt has raised 4 venture rounds. Sign up free to see how much each round raised and the total.
When did FairMarkIt last raise money?
FairMarkIt's most recent round on record is a Series C, in Jul 2022.
What does FairMarkIt do?
FairMarkIt is a software company.
Where is FairMarkIt headquartered?
FairMarkIt is headquartered in Boston, US.
Which VCs invest in companies like FairMarkIt?
Among active investors with capital left to deploy, Andreessen Horowitz, Founders Fund, Accel and Thrive Capital back software companies at FairMarkIt's stage. Their profiles are linked below.
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