This has been a turbulent year for everyone, especially within the business world—companies have had to navigate COVID-related supply chain disruptions only made worse by antiquated procurement processes. With organizations seeking out ways to ensure seamless access to the critical goods and services they need, when they need them, we’ve seen tremendous growth for our intelligent sourcing solution: procurement and supply chain management is now at the top of every enterprise’s to-do list, and Fairmarkit has proven to be the reliable partner that gets businesses through the crisis.
On the heels of the growth we’ve experienced through this crazy year, we’re growing in another way too—I am ecstatic to share that we’ve raised a $30 million Series B investment round co-led by GGV Capital and Insight Partners, with continued support from 1984 VC, New Stack, and NewFund! As part of this raise, Jeff Richards, Partner at GGV Capital, will be joining our Board of Directors.
This investment means a great deal to us and is a massive testament to the relentless team we’ve assembled, the support we’ve been able to show to our customers not only these past 12 months but throughout the past three years, and most importantly, the opportunities we have yet to tackle.
The Fairmarkit journey
Even before COVID upended the way companies do business, we’ve been delivering immediate ROI to leading global enterprises by introducing efficiency and oversight to the outdated and complicated procurement process that has troubled most businesses for decades. Fairmarkit was founded on the premise that a true, modern enterprise software platform for procurement and supply-chain management would appeal to customers in need of change.
That premise proved true. In 2017, an early version of our product allowed the Massachusetts Bay Transit Authority to save an average of over $100,000 per month on procurement with a total cost avoidance of $10M since implementation—and customers started lining up.
Why? Artificial intelligence. To date, our vendor recommendation engine has ingested data from millions of customer purchase orders and over two million enterprise vendors. This vast data set gets smarter with every purchase, and informs the future purchasing decision of every other customer. This is why, at just three years old, we’ve attracted customers from across the globe who have turned to us to achieve over 10% cost savings on their purchases, reduce manual efforts by 40%, and enable 100% policy compliance. In each of the past three years, we’ve tripled in annual revenue and our number of customers, securing partnerships with companies like Snowflake, Cabot Corporation, and Emirates Flight Catering. And we’re just getting started.
Looking ahead to 2021, this new investment will enable us to grow both our team and customer base as Fairmarkit becomes the intelligent sourcing platform of choice for the Fortune 500 and beyond. We’re excited to bring our automation solution to even more enterprises around the world, as we expand our technology to include multiple languages and scale our customer support function internationally.
Of course, global expansion is no more than a lofty goal without a talented team driving it. We’re currently hiring for roles in product development, support, and sales. If you value grit and hard work and are ready to take on this trillion-dollar opportunity with us, head over to our careers page.
If 2020 taught us anything, it’s that earth-shattering disruptions can happen overnight. As we enter this next phase of our growth story, we’re pumped to know that businesses around the world can count on Fairmarkit to ensure that no disruption—however big or small—gets in the way of efficient procurement.
Now let’s do this!