Veremark Secures $2.8 Million Seed Funding Round
Veremark, a pre-employment screening service headquartered in London, UK, has successfully secured $2.8 million in seed funding to bolster its operations and market presence. This funding round saw participation from a number of notable backers, including follow-on investors such as ACF Investors, Triple Point Ventures, and SOV Ventures. A new institutional investor, Vulpes Investment Management, based in Singapore, also joined the funding round. This expansion in investment is particularly significant as Veremark maintains offices not only in London but also across India, the Philippines, Hong Kong, and Australia. Such a diverse geographical footprint is indicative of the company’s commitment to providing a comprehensive verification service globally.
The recent funding boosts the total amount raised by Veremark to $3.
.8 million, a remarkable feat since its inception in late 2019. Under the leadership of CEO Daniel Callaghan, Veremark is poised to make a substantial impact in the pre-employment screening industry, which is reportedly valued at around $16 billion annually. The company plans to utilize its newfound capital to broaden its offerings. This includes developing a standalone web platform and an API service that will enable other providers to integrate Veremark's verification capabilities into their own services, thereby enhancing the efficiency of pre-employment checks for their clients.
Since its establishment, Veremark has rapidly gained traction, serving hundreds of prestigious venture-backed companies and multinational organizations. The service specifically caters to Heads of Talent Acquisition, assisting them in streamlining their hiring processes and enhancing the overall candidate experience. Veremark’s comprehensive background screening process evaluates various aspects of a prospective employee's history, including employment, academic qualifications, criminal background, and credit records. Additionally, the company is expanding its services to include due diligence on prospective business partners, limited partners, and founders, further exemplifying its expansive approach to pre-employment verification.
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