Fairmarkit, the automated sourcing platform for enterprises, has raised $35.6 million in a Series C VC funding.
Fairmarkit has raised $78 million to date. The VC funding round was led by OMERS Growth Equity with participation from investors GGV Capital, Insight Partners, HighlandX, as well as a strategic investment from ServiceNow.
Fairmarkit will use the latest VC funding for hiring, technology partnerships and product development.
Fairmarkit centralizes supplier data and uses its machine learning recommendation engine to match business needs to suppliers who submit competitive quotes. This reduces traditional manual efforts by offering templates and automating steps of RFQs, RFPs, and Reverse Auctions, eliminating the need for buy desks. Its platform also integrates with leading ERP systems like Ariba, Coupa, Oracle, SAP and ServiceNow.
According to Forrester, US B2B e-commerce spend will reach $3 trillion by 2027. A 2022 Gartner report states that more than half of supply chain organizations will use machine learning to augment decision-making by 2026 and enterprise spending on e-sourcing is forecast to grow at 14 percent CAGR.
Over the past year, Fairmarkit’s customers’ spend has increased four-fold on the platform, and they are on track to complete over 200,000 competitive sourcing events this year. Fairmarkit’s go-to-market partnerships with Accenture, Capgemini, Ernst & Young, Hackett Group and KPMG have contributed to this exponential growth.
Today, the company serves more than 50 enterprises, including BP, British Telecom, Cabot Corporation, Emirates Flight Catering, Vattenfall, Refinitiv, and Snowflake. Fairmarkit’s customers have experienced a 10 percent + cost savings on purchases and a 60 percent + reduction in manual efforts.
Fairmarkit is headquartered in Boston, MA and has offices in New York and Poland. Since its Series B investment in 2020, Fairmarkit has doubled its workforce with more than 120 current employees globally.