London-based startup Veremark has just raised over €8.2 million – only 9 months after its initial seed round. Transforming pre-employment screening tasks, the HRtech solution is now planning to expand into new markets and further product development.
Tech innovation shaping the recruitment space is continuing to churn out fresh ideas that make the entire process simpler and more efficient. And with good reason – the recruitment space has been relying on the same old processes for too long, and in the modern world and cultural shifts towards work we’ve experienced, businesses also need to reimagine hiring processes.
With a pre-employment screening and career credentials check solution, Veremark is transforming how recruitment teams suss out prospective employees. The London-based startup has now raised an additional €8.2 million to fuel its mission.
Daniel Callaghan, CEO of Veremark, said: “Traditional solutions in the credentials and compliance space are slow and laborious to use. This makes them ineffective. We’ve turned that logic on its head by creating a platform that’s easy to use and works for all parties.”
This fresh funding was led by a new investor – US venture capital firm Stage 2 Capital. Samaipata, a Pan-European venture capital firm also joined the round as a new investor, and several existing investors Triple Point Ventures, ACF Investors, Vulpes, and SOV provided follow-on investments, bringing the company’s total funding to about €12 million.
Utilising an innovative digital platform, Veremark both simplifies the process of credential-checking for firms and enables candidates to ‘own’ their career data.
Businesses can use the platform the verify the claims and credentials of candidates and prospective employees based around the world. With Veremark Career Passport, candidates themselves can store all of their career credentials in one place securely. Their credentials are stored on the blockchain in an electronic wallet, meaning candidates truly ‘own’ their data and can share it with screeners and future employers as and when required.
This means that candidates no longer need to go through slow and repetitive checks every time they get a new job. To champion this cause, the firm has partnered with the leading USA recruitment trade association, Techserve Alliance, to offer Verepass.
Daniel Callaghan added: “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. With our expert investors now on board, we’re very confident about the future.”
Through both direct sales and a wide number of partnerships, the company has grown monthly revenue by 300% since September 2021. Veremark’s client base of hundreds of monthly users includes HR teams at UK fintech success stories Wise and ComplyAdvantage as well as global corporates such as PepsiCo and BCG.
Anubhav Maheshwari, Partner at Stage 2 Capital, said: “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. With extensive global data connections and focus on speed and accuracy, Veremark is transforming a legacy workflow through innovation.”
Veremark now offers more than 40 kinds of credential checks across 150 countries. It’s a company that is growing fast, operating as a globally distributed team with core hubs in the UK, USA, Australia, Singapore, India, and the Philippines. Over the next 12 months, the team headcount is expected to double.
With the pre-employment screening market reported to be at over €15.5 billion annually and changing work cultures necessitating more oversight on a global level of career crede3ntials, Veremark has massive market potential.
This new capital injection will be put towards expanding in key markets around the world, as well as continued development of the platform.
Jose del Barrio, Founding Partner at Samaipata said: “We are very excited to be part of Veremark’s round on their mission to become the most global platform for pre-employment checks and first-ever career passport. As the way we work is increasingly flexible and remote across the world, we believe that the Veremark team, with their extensive experience in recruitment, tech and design, are well equipped to empower that change and make it happen.”