HRtech startup Veremark raises US$8.5 million in Series A funding

VEREMARK, a Singapore-based provider of pre-employment screening services, has raised US$8.5 million in a Series A equity round led by US venture capital investor Stage 2 Capital.

European venture capital firm Samaipata also joined the round as a new investor, alongside existing backers Triple Point Ventures, ACF Investors, Vulpes, and SOV. The startup previously raised a US$2.8 million seed round last year.

Launched in 2019, Veremark provides a global background screening service that helps companies run checks on prospective employees, business partners, limited partners and founders. Its clients include the HR teams at UK fintechs Wise and ComplyAdvantage, as well as global corporates PepsiCo and BCG.

“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,” said Daniel Callaghan, CEO of Veremark.

The startup’s key offices are in the UK, US, Australia, Singapore, India and the Philippines. It plans to double its headcount over the next year.

“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,” said Anubhav Maheshwari, partner at Stage 2 Capital.

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“With extensive global data connections and focus on speed and accuracy, Veremark is transforming a legacy workflow through innovation.”