FairMarkIT is proud to announce its first round of institutional funding and their new board of directors. FairMarkIT is a Boston-based tail spend management firm and will use this funding to support their continued growth. The Board of Directors will provide leadership and guidance as they oversee the ongoing activities of the organization.

FairMarkIT’s SaaS platform enables companies to achieve increased savings on their tail spend purchases, by delivering a highly functional product to mitigate risks, reduce costs and drive business value. Gathering insights from unstructured tail spend data and applying machine learning techniques to automate RFQs, FairMarkIT’s data analysis platform empowers companies to obtain the best price from the ideal supplier, with much less time and effort.

“FairMarkIT is quickly becoming the preeminent tail spend solution provider. They equip the procurement team with the tools and actionable insights they need to deliver value,” said CPO, Greg Tennyson.

FairMarkIT plans to use the new funds to scale their team to support their growing customer base. Investors in the round include NewFund Capital, NewStack Ventures, MassVentures, VT Technology Ventures and several prominent Bostonand San Francisco-based angel and seed investors.

“We are excited to have experienced rapid growth in our business to date and to have the full confidence of our investors as we continue to develop,” said Kevin Frechette, CEO of FairMarkIT.