# FairMarkIt

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/fairmarkit

- Industry: Software
- Headquarters: Boston, US
- Website: www.fairmarkit.com
- Total disclosed funding: $77M
- Latest round: Series C (Jul 18, 2022)
- Investors on record: 10

## About

FairMarkIt, Inc. is an autonomous sourcing platform that utilizes automation and artificial intelligence to enhance procurement processes for enterprises, streamlining sourcing activities and optimizing engagement with business users.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 raised a total of USD 35.63 mn in its latest funding round, a Series C completed on July 18, 2022, led by OMERS Private Equity with participation from several other investors including Granite Asia, Highland Capital Partners, Insight Partners, and ServiceNow Ventures. The total amount raised by the company stands at USD 35.63 mn, contributing to a current company valuation of USD 258.71 mn.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. The platform is designed to cater to clients across multiple geographical markets, including North America, Europe, and Asia, with the aim of digitizing supply chains and fostering data-driven decision-making.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. The combination of automation and AI in FairMarkit's offerings positions it as a critical partner for organizations looking to innovate their procurement strategies and optimize spend management.In July 2022, FairMarkIt, Inc. raised USD 35.63 mn in Series C funding led by OMERS Growth Equity, with participation from new investors Highland Capital Partners and ServiceNow Ventures. This funding will be utilized to accelerate the company's growth by hiring additional staff, establishing technology partnerships, and advancing product development. 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.

## Funding rounds

- Series C, Jul 18, 2022, $36M — Highland Capital Partners, Insight Partners, Granite Asia, OMERS Private Equity, ServiceNow Ventures
- Series B, Nov 19, 2020, $30M — Insight Partners, Granite Asia, Newfund, New Stack Ventures, 1984 Ventures
- Series A, Sep 25, 2019, $11M — Insight Partners
- Seed, May 18, 2018, $0.9M — Newfund, MassVentures, New Stack Ventures, VT Technology Ventures

## Investors

- Newfund (https://capitalatlas.ai/funds/newfund) — Seed, Series B
- MassVentures (https://capitalatlas.ai/funds/massventures) — Seed
- New Stack Ventures (https://capitalatlas.ai/funds/new-stack-ventures) — Seed, Series B
- VT Technology Ventures (https://capitalatlas.ai/funds/vt-technology-ventures) — Seed
- Insight Partners (https://capitalatlas.ai/funds/insight-partners) — Series A, Series B, Series C
- Granite Asia (https://capitalatlas.ai/funds/granite-asia) — Series B, Series C
- 1984 Ventures (https://capitalatlas.ai/funds/1984-ventures) — Series B
- Highland Capital Partners (https://capitalatlas.ai/funds/highland-capital-partners) — Series C
- OMERS Private Equity (https://capitalatlas.ai/funds/omers-private-equity) — Series C
- ServiceNow Ventures (https://capitalatlas.ai/funds/servicenow-ventures) — Series C