[Funding alert] London-based Veremark Secures €2.8 Million in Series B Round Funding

The money will be used to help Veremark expand its clientele and advance its screening technologies. The necessity for more compliant hiring has spread throughout the world; background checks alone account for a $8 billion business that is in dire need of innovation.

By helping businesses do background checks on potential employees, business partners, limited partners, and founders, Veremark offers a global background screening service that lowers the risk of selecting or collaborating with underqualified or legally unacceptable individuals.

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In response to the increasing demand, Veremark has acquired Employrite, a background screening company with offices in Australia and New Zealand, to broaden its presence in the Asia-Pacific area.

Additionally, the business has created Verepass, a blockchain-based candidate career passport that gives applicants control over their validated credentials. By doing away with the need for repeated inspections, businesses save both money and time.

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.”

Veremark has seen consistent growth prior to this transaction. Since its Series A raise in July 2022, the company's clientele has tripled, and its valuation has increased by 50%. Additionally, it collaborates with significant global industry participants such as OVO Energy, Wise, and Schneider Electric.

Jose Del Barrio, Founder and Managing Partner at Samaipata, commented: “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, added: “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

Any organisation looking to reduce risk in their hiring process can use Veremark, a platform for B2B background checks and reference checks. Traditional manual and slow processes that either go unnoticed or cost businesses money and effort while giving candidates a bad experience have been digitalized and automated.