Fairmarkit, the intelligent sourcing platform that is transforming the procurement of goods and services for large enterprises, announced today that it has 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 the round, Jeff Richards, Partner at GGV Capital, will be joining the Fairmarkit Board of Directors, effective immediately.

Fairmarkit is the intelligent sourcing platform that empowers organizations to more efficiently purchase the goods and services they need. By equipping procurement and supply-chain teams with automation and data, Fairmarkit promotes competitive bidding while reducing manual work within existing processes. Leveraged across a number of industries by innovative procurement departments, such as Snowflake, Cabot Corporation, and Refinitiv, Fairmarkit aims to revolutionize the way organizations make purchases. Learn more at www.fairmarkit.com.