Veremark raises $2.8 Mn in seed funding
Veremark, a pre-employment screening services software company has raised $2.8 Mn in a seed funding round. Participants in the funding round included existing investors, operators as well as new institutional investors including ACF Investors, Triple Point Ventures, SOV Ventures, and Vulpes Investment Management; Prasanna Sankar, Tech Unicorn Rippling; Drew Austin, Wade & Wendy; Rika Christanto, an angel investor; Charlie Delingpole, ComplyAdvantage.
The two year old start-up, founded by Daniel Callaghan, will use the capital raise to ramp up its pre-employment screening market and enhance API offerings. API will further allow different service providers to utilize Veremark's screening software. The gathered funds will also be used to improve services such as, pre-employment verifications and scrutiny, employment history, background check of new recruits, criminal record verification and audits. The company's objective is to create an image of market leader rendering pre-employment requisites along with verified credentials and employee information.
On the recent funding Daniel Callaghan, CEO said, "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”.
Tim Mills, Managing Partner, ACF Investors further added, “The team at Veremark are helping to reshape pre-employment checking, creating savings and time efficiencies for companies and empowering employees'."
Veremark has been serving venture backed and other multinational companies as well as people management teams across the US, the UK and Asia, with their complex hiring procedures. The company has so far managed to generate a $1 Mn average rate of return on a monthly basis.