A pre-employment screening service which helps companies verify employee credentials has raised £2 million seed funding.
The follow-on investment into Veremark from ACF Investors, Triple Point Ventures and SOV Ventures will help it target CV fraud on a global scale.
Launched in late 2019, Veremark provides an automated digital first solution that instantly lets companies, large or small, order a wide range of checks like employment history, academic, criminal and credit records checks anywhere in the world.
Despite the pandemic, Veremark has grown more than 800% in the last 12 months, delivering thousands of checks per month to its range of global clients, with more than a $1m ARR in monthly sales.
The team plans to use this funding to increase its expansion in the pre-employment screening market and offers both a standalone web platform and an API which allows other service providers to plug the Veremark verification engine into their service.
Veremark is also leading the charge in the use of verifiable digital employment credentials that reduce the need for time wasting and repetitive checks.
Its oversubscribed seed round, completed entirely over Zoom, also included global investors and operators within the space including Prasanna Sankar, co-founder of US HR Tech Unicorn Rippling; Drew Austin, the founder of recently acquired HR chatbot solution Wade & Wendy; Rika Christanto, an angel investor who is part of the Accel Starter programme; and UK RegTech entrepreneur Charlie Delingpole, who founded ComplyAdvantage, one of Veremark’s clients.
New institutional investment also came in from Vulpes Investment Management in Singapore where Veremark has an office alongside other regional presence in London, India, Philippines, Hong Kong and Australia.
Daniel Callaghan, CEO, said: “Veremark’s aim is to help companies hire with greater confidence. Our platform is about bringing speed, simplicity and security to the hiring market.
“It doesn’t matter whether you are hiring in Bermondsey, Bangalore or Baltimore – we enable companies to check the claims and credentials of those they are looking to bring onboard into their companies.
“We see this round as an initial stepping stone in the start of transforming the overall ‘Trust’ market and build a new category around credential management to drive greater efficiency in the hiring market and beyond.”