Singapore HR tech startup Veremark raises S$3.7m in seed money

VEREMARK, a Singapore-headquartered pre-employment screening startup, announced on Tuesday that it has raised S$3.7 million in additional funding for its seed round, bringing total funding to S$5 million.

The additional investments came from venture capital fund ACF Investors, early stage investor Triple Point Ventures and SOV Ventures. Other backers include Prasanna Sankar, co-founder of US HR Tech Unicorn Rippling; Drew Austin, the founder of recently acquired HR chatbot solution Wade & Wendy; and Rika Christanto, an angel investor and part of the Accel Starter programme who also participated in the round. New institutional investment also came in from Vulpes Investment Management in Singapore.

Launched in late 2019, Veremark offers an automated digital solution that lets companies order checks like employment history, academic, criminal and credit records checks anywhere in the world. The company operates globally with regional offices across APAC, UK, EU and USA.

It aims to reduce time wasted through repetitive checks, saving clients upwards of 50 per cent of traditional delays and costs, said Veremark in a statement. These verifiable credentials are then housed in what Veremark has coined as "Career Passports" and enable companies to save time on having to repeat checks on candidates who have been already checked elsewhere.

The company said it has grown over 800 per cent in the last 12 months, exceeding US$1 million in annual recurring revenue.

The team plans to use this funding to increase its expansion in the pre-employment screening market, said to be worth US$16 billion per annum.

Daniel Callaghan, CEO, Veremark, said: "Veremark's aim is to help companies hire with greater confidence. Our platform is about bringing speed, simplicity and security to the hiring market."