Veremark secures $3 million to expand global background screening capabilities

Veremark, a global leader in background screening, has secured $3 million in a Pre-Series B funding round to enhance technology and expand client acquisition. The company addresses a critical need for compliant hiring practices in a $8bn market. Veremark has extended its APAC presence and innovated with Verepass, a blockchain-based career passport, boosting efficiency and reducing repetitive checks. Despite global recruitment slowdowns, Veremark has tripled its client base and increased its valuation by 50% since its last funding round, collaborating with major industry players worldwide.

‍Compliance Tech startup provides companies with means to measure, monitor and influence workplace trust and globally compliant screening

London, UK — 11 April 2024 — Veremark, a global background screening company, has secured $3 million in a Pre-Series B round led by Samaipata and Stage 2 Capital and 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  $8bn 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.

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.

Daniel Callaghan, Founder and CEO of Veremark, said: “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.”

Jose Del Barrio, Founder and Managing Partner at Samaipata said: “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, said: “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.

About Veremark 

Veremark is one of the world’s leading background screening and pre-hire check service with a mission to help the world trust faster. Used by some of the world’s best workplaces, its platform is designed to verify candidate work histories, gather references and check identities and qualifications.

Established in London in 2019, the company has offices in Singapore, the US, Australia, New Zealand, and the Philippines. While performing background checks on candidates for companies across the globe, Veremark also helps businesses rescreen existing employees to maintain workplace safety and happiness. Recently, the business launched its latest product, Verepass, a career passport that allows candidates to own, manage and share their verified credentials. Securely held on the blockchain, Verepass reduces check requirements and saves time and money.

Veremark was named the 9th fastest growing company in the UK by Deloitte Fast50 awards as well as the 10th Fastest growing company in the UK by Financial Times Sifted Leaderboard awards.

About ACF Investors www.acfinvestors.com

Launched in 2011, ACF Investors (formerly the Angel CoFund) is a privately managed and commercially focused venture capital 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, ACF Investors has supported 120 companies, including such names as Ebury, Gousto, Creo Medical, and Form3, providing more than £75 million in direct investment alongside more than £500 million from business angels and other investors, making it one of the most active early-stage investors in the country.