London-based Veremark, a company specialising in global background screening, announced that it has raised $3M (approximately €2.79M) in a pre-Series B round of funding.
The investment was led by Samaipata and Stage 2 Capital, with participation from ACF Investors and Vulpes Investment.
Jose Del Barrio, Founder and Managing Partner at Samaipata says, “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, adds, “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 slow down 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.”
A background screening and pre-hire checks provider
Veremark offers a global background screening service that enables companies to conduct thorough checks on prospective employees, business partners, limited partners, and founders.
This helps reduce the risk of hiring or collaborating with individuals who may be underqualified or legally unsuitable.
Veremark has expanded in the APAC region with the acquisition of Employrite, a background screening firm based in Australia and New Zealand.
Additionally, Veremark recently launched Verepass, a career passport that empowers candidates to own, manage, and share their verified credentials securely on the blockchain.
Verepass reduces the need for repetitive verification checks, ultimately saving time and costs for businesses.
Veremark claims that it has achieved rapid growth, tripling its client base since its Series A raise in July 2022 and increasing its valuation by 50 per cent. It is also working with major industry players including OVO Energy, Wise and Schneider Electric.
Capital utilisation
Veremark reports that it will use the funds to acquire more clients and enhance its screening technology.
Daniel Callaghan, founder and CEO of Veremark, says, “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.”
Founded in 2019, Veremark has expanded with offices in Singapore, the US, Australia, New Zealand, and the Philippines.
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