A pre-employment screening and verified career credentials firm, Veremark has netted a further $8.5 million in equity funding just nine months after its initial $2.8 million seed round. It brings the total funding raised by the company to $12.3 million.
The investment round was led by a new investor Stage 2 Capital, a US venture capital firm. Besides, Samaipata, a Pan-European venture capital firm joined the round as a new investor along with participation from several existing investors – Triple Point Ventures (which backed Modo Energy and trumpet), ACF Investors, Vulpes, and SOV. provided follow-on investments, bringing the company’s total funding to $12.3m
Veremark will use the funds to expand its presence in key markets around the world and continue to develop its people compliance and verified digital credentials platform.
The company operates as a globally distributed team with core hubs in the UK, USA, Australia, Singapore, India, and the Philippines, and expects its headcount to double over the next 12 months.
Anubhav Maheshwari, Partner at Stage 2 Capital, said: “With extensive global data connections and focus on speed and accuracy, Veremark is transforming a legacy workflow through innovation. We are thrilled to partner with Veremark and support the team on its mission of providing a technology-driven superior candidate experience.”
Jose del Barrio, Founding Partner at Samaipata said, “We are very excited to be part of Veremark’s round on their mission to become the most global platform for pre-employment checks and first-ever career passport. As the way we work is increasingly flexible and remote across the world, we believe that the Veremark team, with their extensive experience in recruitment, tech and design, are well equipped to empower that change and make it happen.”
Seb Wallace, Investment Director at Triple Point Ventures, said: “Veremark is a neat solution to this problem, but it goes further than just being a practical nice-to-have: its model of handing data ownership to candidates is an exciting and progressive step with a real social benefit attached to it.”
Paul Faucet, Partner at ACF Investors, said: “It’s a challenge Veremark has spent the last few years cracking and that’s why their impressive client base that reaches from global corporates to startups, reflecting the real value adds they bring of speed, efficiency and accuracy in this business-critical task.”
Prevents CV fraud
The pre-employment screening market is estimated at $16 billion annually with strong continued global growth. Founded in 2018 by Angus Bankes, Daniel Braithwaite, Daniel Callaghan, and Nick Johnston in 2018, the startup prevents CV fraud. Veremark simplifies the process of checking the claims and credentials of prospective employees based around the world through its digital platform. Veremark is transforming a legacy workflow through innovation.
Veremark Career Passport stores all your career credentials on blockchain in an electronic wallet, letting candidates truly ‘own’ their career credentials data. They can share it with screeners/employers as required.
The firm startup offers over 40 kinds of credential checks in 150 countries. Through direct sales and a wide number of partnerships, Veremark has grown its monthly revenue by 300% since September 2021. Its client base of hundreds of monthly users includes HR teams at UK fintech success stories Wise and ComplyAdvantage as well as global corporates such as PepsiCo and BCG.
Daniel Callaghan, CEO of Veremark, said: “For small companies, Veremark eliminates the complexity of cross-border checks. For big companies, we provide a single platform that helps manage globally distributed workforces. For the candidate, the process is smooth, painless, and lets them own their data. With our expert investors now on board, we’re very confident about the future.”