London, The U.K-based background screening and reference checking platform Veremark raised USD 8.5 million (EUR 8.2 million) in recent funding. The round took place on July 20, 2022. The US-based venture capital firm Stage 2 Capital led the financing for the firm. Meanwhile, the new investor Samaipata, a Pan-European venture capital firm, joined in the investment. Besides, several existing investors such as Triple Point Ventures, ACF Investors, Vulpes, and SOV participated in the round.
Purpose of Funding by Veremark
The HRtech solution company aims to expand into new markets with the latest funding. Veremark plans to further invest in product development. The company has plans to ramp up its hiring operations in the next 12 months. Veremark intends to double its team size.
Earlier in September 2021, the startup raised USD 2.8 million in seed funding. So far, the company has raised USD 12.8 million in funding.
What the founder has to say
Daniel Callaghan, CEO of Veremark, said, “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. And, 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.”
What the investors have to say
Anubhav Maheshwari, Partner at Stage 2 Capital, said, “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 focus on speed and accuracy, Veremark is transforming a legacy workflow through innovation.”
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 passports. 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.”
About Veremark
Daniel Callaghan, Angus Bankes, and Daniel Braithwaite launched Veremark in 2019. The company provides a global background screening service that helps companies to verify their prospective employees, business partners, limited partners, and founders. Its clients boast HR teams at UK fintechs Wise and ComplyAdvantage, as well as global corporates PepsiCo and BCG. The startup has a global presence in key areas such as the UK, US, Australia, Singapore, India, and the Philippines.
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