Fairmarkit, a Boston, MA-based tail spend management platform for enterprise companies, raised an $11m Series A funding round.
The round was led by Insight Partners with participation from seed investors.
As part of the investment, Insight Partners’ Thomas Krane and Tarek Alaruri, Co-founder & COO, will join Fairmarkit’s Board of Directors.
The company intends to use the funds to expand its business reach and operations with new job opportunities throughout product development, customer success, and marketing teams, and extend its product suite in partnership with its customer advisory board that includes procurement leaders from companies such as The Andersons Inc., Univision, ServiceNow, and Blue Cross Blue Shield of Kansas City.
Founded in 2017 and led by Kevin Frechette, CEO, Fairmarkit provides an AI-powered tail spend management software platform that automates enterprise procurement, driving cost and time savings through increasing competition and reducing manual touchpoints.
The platform connects directly to existing internal systems providing a rapid implementation process.
The company serves customers in a wide variety of industries, including healthcare, manufacturing, media, and transportation such as ServiceNow and Univision.