UK-based compliance tech startup Veremark secures $3m to expand global background screening capabilities
Veremark, a compliance tech startup that provides companies with means to measure, monitor and influence workplace trust and globally compliant screening, has secured $3 million in a pre-Series B funding round. The funding was led by Samaipata and Stage 2 Capital, including participation from ACF Investors and Vulpes Investment. The investment will be used to support Veremark’s continued client acquisition and further develop its screening technology.
The need for more compliant hiring has become a global requirement, with background screening alone equating to a $8 billion global market in desperate need of innovation. Veremark provides a global background screening service that helps companies run checks on prospective employees, business partners, limited partners and founders - therefore reducing the risk of hiring or working with underqualified or legally unsuitable people.
Daniel Callaghan, Founder and CEO, Veremark: ''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.''
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. The company has also developed its own blockchain based candidate career passport, Verepass, which empowers candidates to own and manage their verified credentials. This reduces the need for repetitive checks, saving companies time and money.
This investment comes after a period of sustained growth for Veremark. The company has tripled its client base since its Series A raise in July 2022 and has seen a 50% increase in valuation since the last round. It is also working with major industry players all over the world including OVO Energy, Wise and Schneider Electric.
Jose Del Barrio, Founder and Managing Partner, Samaipata: ''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, ACF Investors: ''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.''
