The pre-employment screening market is estimated at $16 billion annually with strong continued global growth. To cash in on this, London-based pre-employment screening and verified career credentials firm, Veremark has raised a $8.5 million in funding.
The startup aims to simplify the process of checking the claims and credentials of prospective employees based around the world through its digital platform. The firm now offers more than 40 kinds of credential checks in 150 countries.
The company currently has core hubs in the U.K., U.S., Australia, Singapore, India, and the Philippines, and will expand further in Europe and Asia with the new funding.
The round was led by a new investor, US-based VC firm Stage 2 Capital and backed by Samaipata, and several existing investors, including Triple Point Ventures, ACF Investors, Vulpes, and SOV. The fresh funding comes just 9 months after its initial $2.8 million seed round, which brings the company’s total funding to $12.3 million.
According to the company, its monthly revenue has risen by 300% since September 2021 through both direct sales and partnerships. Veremark’s client base includes the likes of Wise, ComplyAdvantage, PepsiCo and BCG.
Daniel Callaghan, CEO of Veremark, said: “Traditional solutions in the credentials and compliance space are slow and laborious to use, making them ineffective. Our platform is 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. For the candidate, the process is smooth, painless, and lets them own their data.”
Anubhav Maheshwari, partner at Stage 2 Capital, added: “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.”
The company also offers the use of verified career digital credentials to enable candidates to ‘own’ their career data – eliminating the need for slow and repetitive checks every time they get a new job. It has partnered with the US-based recruitment trade association, Techserve Alliance, to offer Verepass, a career passport that holds all of a candidate’s credentials, helping the Techserve Alliance members to place pre-verified contractors faster and more cost-effectively.
Jose del Barrio, founding partner at Samaipata added: “Veremark aims to become the global platform for pre-employment checks and career passports. The way we work is increasingly becoming flexible and remote. Veremark is well equipped to empower that change and make it happen.”