Lowenstein Sandler represented Fairmarkit, the automated sourcing platform that is transforming the procurement of goods and services for enterprises, in a $35.6 million Series C investment round, bringing its total funding to date to $78 million.
The new capital will further fuel Fairmarkit’s rapid growth through strategic hiring, increased technology partnerships and product development. The company is optimizing the platform for all sourcing events and plans to add the same level of intelligence to payments, bringing customers closer to full autonomous sourcing.
Fairmarkit is an AI-enabled procurement platform built for sourcing lower-dollar, non-strategic purchases, or “tail spend,” more efficiently. Tail spend in an organization can make up 80% of purchases, account for 80% of suppliers and 20% of budget. Its SaaS platform centralizes supplier data and leverages its machine learning recommendation engine to match business needs to relevant suppliers, saving time and money. Fairmarkit was recently added to the 2022 Inc. 5000 fastest-growing private companies list, ranked 159.
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Lowenstein Sandler is a national law firm with over 350 lawyers based in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. The firm represents leaders in virtually every sector of the global economy, with particular emphasis on investment funds, life sciences, and technology. Recognized for its entrepreneurial spirit and high standard of client service, the firm is committed to the interests of its clients, colleagues, and communities.
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