Veremark, a pre-employment screening and verified career credentials firm, has seen its monthly revenue leap 300% in less than 12 months.
The London startup aims to simplify the process of checking the claims and credentials of prospective employees based around the world through its digital platform. It now offers more than 40 kinds of credential checks in 150 countries.
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.
Operating as a globally distributed team with core hubs in the UK, USA, Australia, Singapore, India, and the Philippines, Veremark expects its headcount to double over the next 12 months.
It has raised a further £7.1 million in equity funding just nine months after its initial £2m seed round.
“Traditional solutions in the credentials and compliance space are slow and laborious to use,” said CEO Daniel Callaghan. “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.
“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.”
The round has been 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 $12.3m.
The company is also focused on verified career digital credentials which enables candidates to ‘own’ their career data – eliminating the need for 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, a career passport which holds all of a candidate’s credentials, helping the Techserve Alliance members to place pre-verified contractors faster and more cost-effectively.