The need for more compliant hiring has become a global requirement, with background screening alone taking a whopping $8 billion in the global market. Understanding the need for innovation, Veremark provides a background screening service that helps companies run checks on prospective employees, business partners, limited partners, and founders, reducing the risk of hiring or working with underqualified or legally unsuitable people.
London-based Veremark has secured $3 million in a pre-Series B round led by Samaipata (which has invested in Caravelo and Embat) and Stage 2 Capital, alongside participation from ACF Investors and Vulpes Investment. Before this, the company raised $8.5 million in equity funding in 2022.
The investment will be used to support Veremark’s continued client acquisition and further develop its screening technology.
Revolutionises background screening
Founded in 2018 by Angus Bankes, Daniel Braithwaite, Daniel Callaghan, and Nick Johnston in 2018, Veremark prevents CV fraud. It simplifies the process of checking the claims and credentials of prospective employees based around the world through its digital platform.
To meet the growing demand, Veremark recently expanded its footprint in the APAC region through the acquisition of Employrite, an Australia and New Zealand-based background screening firm.
Having witnessed over a 50% increase in valuation since the last round, the company works with major industry players all over the world, including OVO Energy, Wise, and Schneider Electric.
Blockchain-based offering
The company has recently launched Verepass, a career passport that allows candidates to own, manage, and share their verified credentials. This product reduces check requirements, and saves time and money, and empowers candidates to own and manage their verified credentials.
This reduces the need for repetitive checks, saving companies time and money. The platform is designed to verify candidate work histories, gather references, and check identities and qualifications.
Daniel Callaghan, Founder and CEO of Veremark, said: “We continue our mission to make increasing trust frictionless in the hiring process and across the workplace. This additional funding will enable us to broaden our global reach, enhance our technology, and provide a significant runway to achieve our next growth round when it best suits the business, as we continue to empower businesses worldwide to make informed hiring decisions.”
Jose Del Barrio, Founder and Managing Partner at Samaipata said: “The growth trends around workplace compliance and regulations are both enduring and global. Veremark has consistently proven its ability to add and retain clients across geographies and sectors regardless of market conditions. We are excited by the long-term vision to improve workplace trust and to partner with the company as it scales further.”
Tim Mills, Managing Partner at ACF Investors, said: “With the cost of failed hires estimated to be three times their annual salary, Veremark’s efficient solution to background screening is helping businesses make fully informed hiring decisions. Despite a global slowdown in recruitment, the company has continued to deliver exceptional growth due to the value it brings to customers. We are excited to continue backing Veremark’s remarkable growth journey as it continues to redefine workplace compliance and screening.”
