- Leading tail spend management platform company Fairmarkit announced it raised $11 million in Series A funding led by Insight Partners
Fairmarkit — a leading tail spend management platform company — announced it raised $11 million in Series A funding led by Insight Partners with participation from the company’s seed investors.
What does Fairmarkit do? Fairmarkit automates enterprise procurement, driving cost, and time savings by increasing competition and reducing manual touchpoints. And the platform enables procurement departments to increase spend under management and reduce supplier risk.
Launched in 2017, Fairmarkit serves customers in a wide range of industries, including healthcare, manufacturing, media, and transportation. Fairmarkit’s customers like ServiceNow and Univision have realized more than 15% cost savings, improved spend visibility, over 30% to 40% reduction in manual efforts, and stronger compliance and policy adherence.
“We found Fairmarkit’s tail spend management platform to be well-situated to disrupt manual procurement processes and help businesses save time, energy, and money,” said Thomas Krane, Vice President at Insight Partners. “We look forward to working closely with the Fairmarkit leadership team as they scale the company and accelerate the adoption of the platform across a wide segment of enterprise customers.”
Fairmarkit plans to use the funding to address the growing demand from Fortune 500 companies for its AI-powered spend management technology. And the company will also use this investment to expand its product suite in partnership with its customer advisory board that includes procurement leaders from companies like The Andersons Inc., Univision, ServiceNow, and Blue Cross Blue Shield of Kansas City.
“ServiceNow’s Fairmarkit implementation enables a streamlined procurement process through automation,” added Joe Frederick, Director of Spend Management at ServiceNow. “With their AI-powered technology, our procurement department has been able to better focus on strategic initiatives and we have realized significant cost savings on non-strategic purchases. We’re excited to continue our partnership to expand that seamless user experience throughout the procurement process.”
Fairmarkit enables effective spend management by driving automation and leveraging data thus allowing procurement teams to reorient their time and focus toward strategic initiatives. And Fairmarkit leverages machine learning and artificial intelligence to create market competition and automate tail spend, reducing manual touchpoints, and driving cost savings for the 80% of enterprise procurement transactions that have been ignored historically.
Along with the funding news, Fairmarkit announced Insight Partners’ Thomas Krane and Tarek Alaruri, co-founder and COO will join the company’s Board of Directors.
“We’re thrilled to welcome Thomas Krane and the whole Insight team to the Fairmarkit family,” explained Kevin Frechette, Co-founder and CEO of Fairmarkit. “Insight shares our vision of driving automation across the historically manual procurement industry. Although we’ve gained traction with dozens of Fortune 500 customers, our new partnership will dramatically accelerate the permeation of AI-powered technologies into procurement processes.”
