Fairmarkit, founded with the mission to revolutionize procurement, offers an intelligent sourcing platform designed to automate and streamline the sourcing process. Their platform leverages AI to replace outdated methods, enabling procurement teams to source more efficiently and at scale. Fairmarkit focuses on enterprise clients, aiming to drive significant cost savings and reduce sourcing times, making procurement more effective and manageable.
Notable investors include OMERS Growth Equity, which led Fairmarkit's Series C funding round. The company has achieved substantial milestones, such as saving $40,000 per buyer per week for its clients and significantly reducing average sourcing times. Fairmarkit's impact is evident in its ability to help enterprises manage more spend per full-time equivalent (FTE) and secure bids below benchmark prices, positioning it as a trusted partner for top enterprise sourcing teams.
