December 15, 2020
Helping businesses find a better deal
Boston-based startup Fairmarkit, which uses AI to streamline the procurement process for large enterprises, has raised $30 million in a Series B funding round.
The Fairmarkit platform and vendor recommendation engine provide procurement and supply chain teams with automation and data in businesses such as Snowflake, Cabot Corporation, and Emirates Flight Catering.
“Looking ahead to 2021, this new investment will enable us to grow both our team and customer base as Fairmarkit becomes the intelligent sourcing platform of choice for the Fortune 500 and beyond,” Kevin Frechette, co-founder and CEO, said in a blog post.
The company’s continuously-learning vendor recommendation engine includes data from millions of customer purchase orders and enterprise vendors to inform future purchasing decisions.
The latest funding round was led by GGV Capital and Insight Partners, with participation from existing investors 1984 VC, New Stack, and NewFund. As part of the round, Jeff Richards, partner at GGV Capital, joins Fairmarkit Board of Directors.
“We are ecstatic to welcome GGV Capital to the Fairmarkit family as we scale our mission to simplify B2B purchasing processes,” Frechette said. “Their team is focused on companies that are solving massive problems in ways that will create a lasting impact on the way companies function. Along with Insight Partners, this investment will greatly advance our ability to bring data-backed insights and efficiencies to enterprise procurement processes.”
Fairmarkit customers achieve cost savings of 10% on purchases and a 40% reduction of manual efforts, according to the company, which says it has tripled its annual revenue in each of the past three years.
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