Singapore pre-employment screening firm nets $2.8m in seed money

Veremark, a pre-employment screening startup based in Singapore, has raised S$3.7 million (around US$2.8 million) in additional funding for its seed round.

Image credit: Veremark

The additional investment, which came from ACF Investors, Triple Point Ventures, and SOV Ventures, pushes its total raised to US$3.7 million, according to a statement. Other backers include Prasanna Sankar, co-founder of US unicorn Rippling; Drew Austin, co-founder of chatbot solution Wade & Wendy; and Rika Christanto, an investor from the Accel Starter program.

Launched in 2019, Veremark provides an automated solution that helps companies verify employee credentials such as employment history as well as academic, criminal, and credit records. The company said it has grown over 8x in the last 12 months, exceeding US$1 million in annual recurring revenue.

Veremark said it will use the fresh funds to widen its footprint in the pre-employment screening market, which is expected to be worth US$9.92 billion globally by 2028. The startup currently operates globally, with regional offices across Asia Pacific as well as the European Union, UK, and US.

“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,” said Veremark CEO and co-founder Daniel Callaghan.

Callaghan established Veremark alongside co-founders Angus Bankes, Daniel Braithwaite, and Nick Johnston. Bankes and Braithwaite are the company’s chief technology officer and chief product officer, respectively, while Johnston serves as an advisor.

Currency converted from Singaporean dollar to US dollar. US$1 = S$1.34.