Blockchain-based job screening tool Veremark has raised $8.5m (£7.08m) in equity funding, led by venture capital firm Stage 2 Capital.
Headquartered in London, Veremark’s software lets companies run background research on potential hires. It then creates a “career passport” that stores job credentials on the blockchain.
Veremark told UKTN that the immutability of blockchain technology means the career credentials can be “reused again with a greater level of trust in the integrity of results”.
The UK firm also sees this as a way to return ownership of background check data to candidates to reuse in other applications.
“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,” said Daniel Callaghan, CEO, Veremark.
Veremark operates across the UK, US, Australia, Singapore, India, and the Philippines. Its software is used by notable companies such as Wise, PepsiCo and BCG.
According to Veremark the “pre-employment screening market” is predicted to be worth $16bn (£13.3bn) each year.
The round also attracted investment from venture capital firm Samaipata, along with previous investors Triple Point Ventures, ACF Investors, Vulpes, and SOV. Veremark said it plans to double its headcount over the next year.
Anubhav Maheshwari, partner, Stage 2 Capital, said: “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.”
Founded in 2019, Veremark’s total funding stands at $12.3m (£10.2m) and follows Veremark’s $2.8m (£2.3m) seed round in September last year.
The company says its revenue has grown by 300% since September last year.
Competitors to Veremark include data software Screenloop, which raised £5.7m in seed funding last month.
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