Veremark secures new round of investments worth US$3M

The new investment will be essential to Veremark’s continued client acquisition as well as to help develop its screening technology.
By: | April 12, 2024
Topics: HR Technology | News

Global background screening firm Veremark has secured US$3 million in a Pre-Series B round led by Samaipata and Stage 2 Capital, 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.

Veremark, which recently expanded its footprint into Asia-Pacific to meet the growing demand thanks to its acquisition of Employrite, an Australia and New Zealand-based background screen firm, works to provide other organisations checks on prospective employees, business partners, limited partners, and founders. The company has also developed its own blockchain-based candidate career passport, Verepass, which gives candidates the ability to own and manage their verified credentials, thus reducing the need for repetitive checks.

This new round of investment comes after a period of sustained growth for Veremark, after tripling its client base after its Series A raise in July 2022. It has since seen a 50% increase in valuation and is also working with major industry players all over the world including OVO Energy, Wise and Schneider Electric.

“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.”

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“The growth trends around workplace compliance and regulations are both enduring and global,” Jose Del Barrio, Founder and Managing Partner at Samaipata said. “Veremark has consistently proven its ability to add and retain clients across geographies and sectors regardless of market conditions.”