Tail spend management company FairMarkIT has raised its first round of funding, closing on an undisclosed amount.
The funding round was comprised of contributions from NewFund Capital, NewStack Ventures, MassVentures, and VT Technology Ventures. A series of unnamed Boston and San Francisco-based angel and seed investors also participated.
Alongside the new wave of capital, FairMarkIT has established a new board of directors, who will oversee the business’ activities.
Boston-based FairMarkIT is a SaaS platform that helps companies to increase savings on tail spend purchases, by mitigating risks, lowering costs, and drive business value. The company gathers insights from unstructured tail spend data and applies machine learning techniques to automate request for quotation (RFQ).
Founded in 2017, the company’s data analysis also helps companies to receive the best price from the best supplier and in a quicker manner.
This capital injection will be used to scale its team and to grow its customer base.
NewFund Capital has made a range of investments in the FinTech space over the years. Current companies in its portfolio include POS solution provider for restaurants and caterers Apitic, real-time data platform QuasarDB and cryptocurrency payment platform Paymium.
There was a two-quarter decline in funding in the global infrastructure and enterprise software sector last year, according to data by FinTech Global. Funding levels fell from $1.9bn across 73 deals in Q2 2017, down to $747m through just 26 deals, in the final quarter of the year.
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