Veremark is a compliance tech startup specialising in employee screening and background checks for new hires and existing employees. Our checks range from the standard – identification, academic achievements and professional references – to those you may be less aware of, such as adverse media checks, conflict of interest checks and psychometric testing.
Our mission is to increase the ease and confidence with which companies can bring the best people into their organisations. We reduce the time it takes to onboard new hires while ensuring full regulatory compliance around the completion of any required background checks.
In today’s hiring climate, the risk of top talent being snapped up by other companies is high, so background checks need to be fast, accurate and as little hassle as possible for candidates.
We’ve raised £2.75M to date, including £2M in an oversubscribed seed funding round. And some of the biggest employers in the world – including Pepsi, BCG, ComplyAdvantage and Schneider Electric – now use us to screen their people.
What do you think makes this company unique?
Today, it’s hard to think of a facet of HR that hasn’t already been automated, but employee background screening was one that remained very analogue and repetitive. In many companies, checks are still done by phone and email. It’s slow, manual and painfully labour intensive for HR teams. Outsourcing to agencies is always an option, but their methods aren’t any faster, and service levels are often disappointing.
By contrast, we’re software based: our system integrates directly into businesses’ hiring workflows. And, uniquely, every candidate we screen receives an electronic wallet with all their verified career credentials safely stored on blockchain for future employers.
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How has the company evolved over the last couple of years?
The pandemic brought about our biggest business challenge yet. It hit just a few months after we’d launched and new business evaporated in the first quarter of 2020 and much of the second. No one was thinking about hiring; pretty much all companies were preoccupied with working out how to operate.
We held our breath, worked on our product and felt huge relief when the market began to bounce back in June. We even managed 800% growth in 2020 – fuelled by the need for tighter checks as hiring virtually, often never meeting candidates in person, and internationally, became the norm rather than the exception.
Since then we’ve grown extensively with offices now in London, Singapore, Philippines, Australia and in the USA. We have a team of 62 people, working with many of the fastest growing brands in the world. It’s all very exciting.
What can we hope to see from Veremark in the future?
We’re very focused on delivering an unrivalled user experience, and we’ll continue to listen to what our customers want and build it accordingly. We will certainly continue to raise further investment for growth and secure a leading position within our industry.
There is a real opportunity to reshape this market and bring to light a new school of thinking around credential management for companies and individuals alike.