Fairmarkit Secures $35.6 Million Series C Funding to Help More Enterprises Optimize “Tail Spend”

In addition, Fairmarkit was recently added to the 2022 Inc. 5000 fastest-growing private companies list, ranked 159.Fairmarkit is an AI-enabled procurement platform built for sourcing lower-dollar, non-strategic purchases, or tail spend, more efficiently. We realize that the current economic climate has put a strain on our customers to do more with less, as every line item is being scrutinized for cost saving and every opportunity to drive operational efficiencies is being pursued. 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% CAGR.Organizations are being forced to rethink global supply chains and find innovative solutions to complex procurement challenges now more than ever, said Warda Shaheen, Director, OMERS Growth Equity and newly appointed Fairmarkit Board Observer. In addition, Fairmarkits 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. We will continue to innovate to help customers win.Co-founded in 2017 by CEO Kevin Frechette, COO Tarek Alaruri, and CTO Victor Kushch, Fairmarkit is headquartered in Boston, MA and has offices in New York and Poland.