London-based Veremark, a background screening and reference checking platform, announced on Wednesday that it has raised $8.5M (approximately €8.3M) in a fresh round of funding. The round comes just after the startup raised its initial $2.8M Seed round nine months ago.
Veremark says the fresh funds will be used to expand its presence in key markets around the world and to continue developing its people compliance and verified digital credentials platform.
Investors in this round
The round was led by US-based VC firm Stage 2 Capital, a new investor. Another new investor, pan-European venture capital firm Samaipata, also joined the round. Existing investors Triple Point Ventures, ACF Investors, Vulpes, and SOV also provided follow-on investments, bringing the company’s total funding to $12.3M.
Anubhav Maheshwari, Partner at Stage 2 Capital, says, “Effective pre-employment screening and candidate vetting are critical considerations for business operations, compliance, and risk management. Yet, around the world, these processes are highly manual and often delayed, inaccurate, or incomplete. With extensive global data connections and a focus on speed and accuracy, Veremark is transforming a legacy workflow through innovation.”
A background screening and reference checking platform
Launched in 2019 by Daniel Callaghan, Angus Bankes and Daniel Braithwaite, Veremark is a global background screening service that works with companies to run checks on prospective employees, business partners, LPs and founders.
CEO Daniel Callaghan says, “Traditional solutions in the credentials and compliance space are slow and laborious to use. This makes them ineffective. We’ve turned that logic on its head by creating a platform that’s easy to use and works for all parties. 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.”
The company operates globally with regional offices across APAC, the UK, Europe and the US. Veremark claims to have served hundreds of the world’s top venture-backed companies and multinationals to implement better people compliance practices. It works directly with ‘Heads of Talent Acquisition’ to help them improve speed and overall hiring experience. The firm offers more than 40 kinds of credential checks in 150 countries.
Through both direct sales and a wide number of partnerships, the company claims to have grown monthly revenue by 300 per cent since September 2021. Veremark’s client base includes HR teams at UK fintechs Wise and ComplyAdvantage, as well as global corporations such as PepsiCo and BCG.
The company also reports in a statement that it is leading in the usage of verified digital credentials for careers, allowing applicants to “own” their career data and do away with the need for time-consuming and repeated checks each time they apply for a position.
To advance this cause, Veremark has teamed up with US recruitment trade association, Techserve Alliance, to provide Verepass, a career passport that contains all of a candidate’s credentials. Verepass enables Techserve Alliance members to quickly and efficiently place pre-verified contractors.
About the investors
Stage 2 Capital combines capital and go-to-market execution expertise to help its portfolio companies scale revenue and accelerate growth. The firm invests globally in earlier-stage B2B software companies.
Launched in 2011, ACF Investors (formerly the Angel CoFund) is a privately managed and commercially focused VC fund that works alongside sector smart business angels to invest in high-potential SMEs across the UK, directly providing funding to support exceptional businesses. To date, the firm has supported 100 companies, including Ebury, Gousto, Creo Medical, and Form3. It has provided more than £50M in direct investment alongside more than £300M from business angels and other investors, making it one of the most active early-stage investors in the country.
Triple Point Ventures is the venture arm of Triple Point, a purpose-driven investment manager with £2.5B assets under management, creating investment opportunities to help address society’s biggest challenges.
