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.
Broadening the global reach
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.
“This additional funding will enable us to broaden our global reach.”
“We continue our mission to make increasing trust frictionless in the hiring process and across the workplace”, Daniel Callaghan, Founder and CEO of Veremark, said. “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.”
Expanding its footprint
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.
Sustained growth
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.
“Veremark has consistently proven its ability to add and retain clients across geographies and sectors regardless of market conditions.”
“The growth trends around workplace compliance and regulations are both enduring and global”, said Jose Del Barrio, Founder and Managing Partner at Samaipata. “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.”
Source image: Veremark
