Pre-Employment Screening Platform Receives $8.5 Million

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hr tech

Veremark, a worldwide pre-employment screening, and verified career credentials service has raised an additional $8.5 million in equity capital, just nine months after its original $2.8 million seed round.

A new investor, US venture capital company Stage 2 Capital, led the round. Samaipata, a Pan-European venture capital firm, also participated in the round as a new investor, while many current investors, including Triple Point Ventures, ACF Investors, Vulpes, and SOV, committed follow-on investments, bringing the total fundraising to $12.3 million.

Veremark’s digital platform greatly simplifies the process of verifying the claims and qualifications of potential workers all around the world. In 150 countries, the company currently provides over 40 different types of credential checks.

Since September 2021, the firm has increased its monthly income by 300 percent through direct sales and a wide range of collaborations. HR teams at UK fintech success stories Wise and ComplyAdvantage, as well as multinational corporates such as PepsiCo and BCG, are among Veremark’s hundreds of monthly users.

“Effective pre-employment screening and applicant vetting are key concerns for corporate operations, compliance, and risk management,” stated Anubhav Maheshwari, Partner at Stage 2 Capital. Nonetheless, these processes are largely manual and frequently delayed, incorrect, or incomplete across the world.

Veremark is modernizing a traditional workflow via innovation, with vast global data links and an emphasis on speed and accuracy. We are excited to work with Veremark and assist the team in its objective to provide a superior candidate experience through technology.

The organization is also a pioneer in the usage of verified career digital credentials, which allow applicants to ‘own’ their career data, removing the need for time-consuming and repeated checks every time they start a new position. To support this cause, the business has joined with the top USA recruiting trade group, Techserve Alliance, to develop Verepass, a career passport that contains all of a candidate’s credentials, allowing Techserve Alliance members to place pre-verified contractors more quickly and cost-effectively.

“We are really thrilled to be part of Veremark’s round on their quest to become the most worldwide platform for pre-employment inspections and the first ever career passport,” stated Jose del Barrio, Founding Partner of Samaipata. As the way we work becomes more flexible and remote throughout the world, we feel the Veremark team, with their broad expertise in recruiting, technology, and design is ideally positioned to empower and make that transition happen.”

Veremark is a worldwide distributed workforce with major centers in the United Kingdom, the United States, Australia, Singapore, India, and the Philippines, and it anticipates its headcount to treble in the next year.

“Traditional solutions in the credentials and compliance arena are cumbersome and arduous to use,” stated Daniel Callaghan, CEO of Veremark. As a result, they are ineffectual. We’ve flipped that thinking on its head by developing a platform that’s simple to use and beneficial to all parties.