Fairmarkit Secures $35.6 Million Series C Funding To Help More Enterprises Optimize “Tail Spend”
09/01/22, 2:01 PM
Location
bostonMoney raised
$35.6 million
Industry
machine learning
enterprise software
saas
artificial intelligence
software
Round Type
series c
Fairmarkit, the automated sourcing platform that is transforming the procurement of goods and services for enterprises, today announced a $35.6 million Series C investment, bringing its total funding to date to $78 million. The round was led by OMERS Growth Equity with participation from investors GGV Capital, Insight Partners, HighlandX, as well as a new strategic investment from ServiceNow. The new capital will further fuel Fairmarkit’s rapid growth through strategic hiring, increased technology partnerships and product development. The company is optimizing the platform for all sourcing events and plans to add the same level of intelligence to payments, bringing customers closer to full autonomous sourcing
Company Info
Location
109 mountain ave, po box 393
boston, massachusetts, united states
Additional Info
Fairmarkit is an autonomous sourcing platform transforming how enterprise procurement teams manage their tail spend and beyond.” Its SaaS platform centralizes supplier data and leverages its machine learning recommendation engine to match business needs to relevant suppliers, saving time and money. Some of the world’s largest procurement departments rely on Fairmarkit for their sourcing processes, including: bp, British Telecom, Cabot Corporation, and Refinitiv. The Boston-based company was named to the 2022 Inc. 5000 fastest-growing private companies list, ranked #159 overall and #5 in Massachusetts. Learn more at www.fairmarkit.com.