Fairmarkit is a technology company.
Fairmarkit’s demand-to-award agentic AI platform supercharges teams to manage all levels of spend with unparalleled speed, efficiency and scale.
Fairmarkit has raised $77.0M across 3 funding rounds.
Fairmarkit has raised $77.0M in total across 3 funding rounds.
Fairmarkit has raised $77.0M in total across 3 funding rounds.
Fairmarkit's investors include Activant Capital, Balderton Capital, B Capital Group, BlueRun Ventures, Buckley Ventures, Company Capital, CrunchFund, Curated, Flex Capital, Founder Collective, Greylock, GSV Asset Management.
Fairmarkit is a technology company that builds an autonomous sourcing platform leveraging artificial intelligence (AI) and generative AI (GenAI) to automate and optimize procurement processes for large enterprises. Its platform enables procurement teams to manage up to 10 times more sourcing events per employee while uncovering significant cost savings—approximately $40,000 per buyer per week. Fairmarkit serves procurement and supply chain teams across various industries, helping them streamline purchasing, reduce manual workload, and improve sourcing outcomes by automating source-to-award workflows and integrating with ERP and P2P systems[1][3][5][6].
Founded in 2017 and based in Boston, Fairmarkit was created by Kevin Frechette (CEO & Co-founder) and Victor Kushch (CTO & Co-founder), who brought together expertise in technology, procurement, and business operations. The idea emerged from recognizing the inefficiencies in traditional procurement, especially in managing tail spend—the large number of smaller suppliers that represent a significant operational burden. Early traction came from enterprise clients such as Boeing, bp, Walgreens, and Nestlé, validating the platform’s ability to automate sourcing and deliver cost savings at scale[1][3][5].
Fairmarkit rides the growing trend of digital transformation in procurement, particularly the shift toward autonomous sourcing powered by AI and automation. The timing is critical as enterprises face increasing pressure to optimize costs, improve supply chain resilience, and accelerate procurement cycles. Market forces such as the complexity of tail spend management, demand for supplier diversity, and the need for compliance drive adoption of AI-enabled procurement platforms. Fairmarkit influences the broader ecosystem by setting new standards for procurement efficiency and enabling procurement teams to scale operations without proportional increases in headcount[1][3][6][7].
Looking ahead, Fairmarkit is poised to deepen its AI capabilities, expanding autonomous sourcing features and further integrating generative AI to enhance decision-making speed and accuracy. Trends such as increased adoption of AI in enterprise software, growing emphasis on supply chain transparency, and demand for procurement agility will shape its trajectory. As it continues to innovate, Fairmarkit’s influence may extend beyond tail spend to strategic sourcing and broader supply chain optimization, potentially becoming a central platform in enterprise procurement ecosystems[7][9]. This evolution ties back to its founding mission: transforming procurement through technology to enable organizations to do more with less.
Fairmarkit has raised $77.0M across 3 funding rounds. Most recently, it raised $36.0M Series C in August 2022.
| Date | Round | Lead Investors | Other Investors |
|---|---|---|---|
| Aug 1, 2022 | $36.0M Series C | Activant Capital, Balderton Capital, B Capital Group, BlueRun Ventures, Buckley Ventures, Company Capital, CrunchFund, Curated, Flex Capital, Founder Collective, Greylock, GSV Asset Management, Indeed.com, Insight Partners, Journey Ventures, Khosla Ventures, Madrona Ventures, Menlo Ventures, Neotribe Ventures, Next Play Ventures, Notable Capital, Ride Ventures, Sequoia Capital, Toba Capital, Kintan Brahmbhatt, Rob Theis, Vipul Ved Prakash, William Hockey | |
| Dec 1, 2020 | $30.0M Series B | Allison Pickens Ventures, formerly The New Normal Fund, B Capital Group, Insight Partners, Journey Ventures, Madrona Ventures, Neotribe Ventures, Notable Capital, Pioneer Fund, Toba Capital | |
| Oct 1, 2019 | $11.0M Series A | B Capital Group, Insight Partners, Journey Ventures, Toba Capital |