About Fairmarkit
Fairmarkit is a company based in Boston (United States) founded in 2017 by Victor Kushch.. Fairmarkit has raised $77.49 million across 4 funding rounds from investors including ServiceNow, GGV Capital and Insight Partners. The company has 102 employees as of December 31, 2021. Fairmarkit offers products and services including Autonomous Sourcing Platform, Supplier Recommendations, and Integrations. Fairmarkit operates in a competitive market with competitors including Globality, Scoutbee, Tropic, Geniemode and supplier.io, among others.
- Headquarter Boston, United States
- Employees 102 as on 31 Dec, 2021
- Founders Victor Kushch
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Sectors
Technology
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Email
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Phone
*********
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Website
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Social
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Annual Revenue
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Net Profit
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EBITDA
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Total Equity Funding
$77.49 M (USD)
in 4 rounds
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Latest Funding Round
$35.6 M (USD), Series C
Sep 01, 2022
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Investors
ServiceNow
& 8 more
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Employee Count
102
as on Dec 31, 2021
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Products & Services of Fairmarkit
Fairmarkit offers a comprehensive portfolio of products and services, including Autonomous Sourcing Platform, Supplier Recommendations, and Integrations. The company's diverse product and service offerings are designed to meet the evolving needs of its customers, address market demands, and provide comprehensive solutions that drive value creation and customer satisfaction across various segments and use cases.
Automates workflows for efficient spend management and supplier selection.
Identifies best-fit suppliers for sourcing events and events.
Connects with ERP and P2P systems for seamless data exchange.
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Funding Insights of Fairmarkit
Fairmarkit has successfully raised a total of $77.49M across 4 strategic funding rounds. The most recent funding activity was a Series C round of $35.6 million completed in September 2022. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding Total Funding
- Total Rounds 4
- Last Round Series C — $35.6M
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First Round
First Round
(24 May 2018)
- Investors Count 9
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Sep, 2022 | Amount | Series C - Fairmarkit | Valuation |
investors |
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| Dec, 2020 | Amount | Series B - Fairmarkit | Valuation | GGV Capital , Insight Partners | |
| Oct, 2019 | Amount | Series A - Fairmarkit | Valuation | Insight Partners |
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| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Investors in Fairmarkit
Fairmarkit has secured backing from 9 investors, including venture fund and institutional investors. Prominent investors backing the company include ServiceNow, GGV Capital and Insight Partners. This diverse investor base provides strategic capital, industry expertise, and valuable network connections that support the company's growth initiatives, market expansion, and long-term value creation.
| Investor | Description | Founded Year | Domain | Location |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location | |
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Investment firm scaling software and technology companies from early to late stages.
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Founded Year | Domain | Location | |
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Venture capital investment and entrepreneur support services.
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Founded Year | Domain | Location |
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
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Single family office of Amitabh Bachchan, founder of Amitabh Bachchan Corporation or AB CORP
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Founded Year | Domain | Location | |
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Startup ecosystems are ignited through strategic investments by Signite Partners.
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Founded Year | Domain | Location | |
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Venture capital is directed toward companies in multiple sectors.
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Founded Year | Domain | Location | |
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Venture capital is invested in cybersecurity, fintech, and AI startups.
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Founded Year | Domain | Location |
Investments & Acquisitions by Fairmarkit
| Company Name | Description | Domain | Location | Founded Year | Amount |
|---|---|---|---|---|---|
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Bionic investment advisor platform
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2016 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 | ||||
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Physical e-commerce kiosks are deployed for rural purchases in Indonesia.
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2014 | ||||
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Fine Asian gourmet food is offered by an internet-first restaurant.
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2016 |
Financial Statements - Fairmarkit
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Jan, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
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| Feb, 2021 | Amount | Post-IPO - Grab | Valuation |
investors |
Fairmarkit Comparisons
Competitors of Fairmarkit
Fairmarkit operates in a dynamic and competitive business environment, facing competition from various established players and emerging companies in the market. The competitive landscape includes prominent companies such as Globality, Scoutbee, Tropic, Geniemode and supplier.io, among others. This competitive environment drives innovation, market differentiation, and strategic positioning as companies strive to capture market share and deliver value to their customers. Understanding the competitive dynamics is crucial for assessing market positioning, identifying growth opportunities, and navigating the challenges inherent in a competitive marketplace.
| Company Name | Domain | Founded year | HQ Location | Description |
|---|---|---|---|---|
| domain | founded_year | HQ Location |
An AI-based platform for global sourcing and outsourcing is offered.
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| domain | founded_year | HQ Location |
Multi-category products are listed on an AI-driven B2B platform.
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| domain | founded_year | HQ Location |
Cloud-based procurement management solutions are offered for multiple industries.
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| domain | founded_year | HQ Location |
Sourcing and supply chain platform for retailers and suppliers
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| domain | founded_year | HQ Location |
Web-based supply chain sourcing solutions are provided to businesses.
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| Company Name | Domain | Founded year | HQ Location | Description |
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| domain | founded_year | HQ Location |
Multiple services are booked via an app-based platform.
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| domain | founded_year | HQ Location |
On-demand services are booked through an app-based platform.
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| domain | founded_year | HQ Location |
App based platform offering on demand delivery and ride-hailing services
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| domain | founded_year | HQ Location |
Operates an on-demand hyperlocal delivery app for food and groceries.
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Latest news on Fairmarkit
Frequently Asked Questions about Fairmarkit
When was Fairmarkit founded?
Fairmarkit was founded in 2017 and raised its 1st funding round 1 year after it was founded.
Where is Fairmarkit located?
Fairmarkit is headquartered in Boston, United States. It is registered at Boston, Massachusetts, United States.
Is Fairmarkit a funded company?
Fairmarkit is a funded company, having raised a total of $77.49M across 4 funding rounds to date. The company's 1st funding round was a Series A of $11M, raised on May 24, 2018.
How many employees does Fairmarkit have?
As of Dec 31, 2021, the latest employee count at Fairmarkit is 102.
What does Fairmarkit do?
Fairmarkit was founded in 2017 in Boston, United States, as a cloud-based platform focused on tail spend management within the procurement sector. Advanced machine learning is utilized to offer visibility and control over tail spend processes. Automation is applied to RFQ handling, vendor recommendations, and real-time monitoring. Additional features include request management, process automation, and reporting tools for enterprise use.
Who are the top competitors of Fairmarkit?
What products or services does Fairmarkit offer?
Fairmarkit offers Autonomous Sourcing Platform, Supplier Recommendations, and Integrations.
Who are Fairmarkit's investors?
Fairmarkit has 9 investors. Key investors include ServiceNow, GGV Capital, Insight Partners, Highland Capital Partners, and 1984 Ventures.
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