Fairmarkit, a Boston, MA-based intelligent sourcing platform for the procurement of goods and services for large enterprises, raised $30m in Series B funding.
The round was co-led by GGV Capital and Insight Partners, with participation from 1984 VC, New Stack, and NewFund. As part of the round, Jeff Richards, Partner at GGV Capital, will be joining the Fairmarkit Board of Directors, effective immediately.
The company intends to use the funds to grow both its team (hiring for roles in product development, support, and sales) and customer base.
Co-founded in 2017 by Kevin Frechette (CEO), Tarek Alaruri (COO) and Victor Kushch (CTO), Fairmarkit provides an automated solution that equips procurement and supply chain teams for some of the world’s leading enterprises with the tools they need to more effectively and efficiently source critical goods and services. Its SaaS platform and Vendor Recommendation Engine leverages a data set to deliver cost savings, reduce manual efforts, improve spend visibility, enable compliance and policy adherence, ensure minimal process disruption and achieve immediate ROI.
Customers include Snowflake, Cabot Corporation, and Emirates Flight Catering.