Global workplace trust company, Veremark, has successfully completed a £6.5M employee and early investor secondary share sale on the London Stock Exchange’s (LSE) Private Securities Market (PSM). The transaction confirms Veremark’s valuation at c. $100m USD and marks the third employee share sale on the London Stock Exchange’s Private Securities Market.
Gresham House was the lead investor as part of the transaction. The secondary investment follows its existing investment in Veremark’s $26m (£19.75m) Series B round in February, which also included Samaipata, ACF Investors, and Stage 2 Capital.
The successful completion of the transaction follows continued investor confidence in Veremark who offer pre-employment screening and background checks as well as whistleblowing software. The company has seen a period of sustained growth, with YoY growth at 241% for H1. Since it launched in 2020, the company has built an active customer base of over 8,000 clients globally. Veremark’s clients include major industry players worldwide, such as OVO Energy and Schneider Electric, and now employs more than 300 people with seven offices worldwide, including the UAE, New Zealand, the Philippines, Singapore, the UK, and the USA.
Crowdcube, Europe’s leading private market infrastructure and investment platform, managed employee participation in the transaction and facilitated buy-side orders. Crowdcube acts as a Registered Auction Agent (RAA) for the PSM, recently facilitating both the buy and sell side of the Wayve and Moneybox share sales. On the Veremark transaction, Singer Capital Markets acted as an RAA alongside Crowdcube on the buy side. Veremark equity was also offered to qualified retail investors on the Crowdcube platform as part of the deal. Cavendish executed Gresham House’s purchase in the auction.
“We have seen incredible growth at Veremark over the last few years, and this sale marks a key moment for our early employees and investors to reap the rewards of their work,” said Daniel Callaghan, CEO and co-founder of Veremark. “Our ambitions to scale remain strong and with AI employee fraud growing, we are hyper-focused on helping companies fight this risk and increase security around who they are bringing into their business. This transaction will continue to help motivate our own team and through the relationship with LSEG, add the credibility and access needed for the next phase of growth.”
Joe Krancki, Investment Director at Gresham House, said: “Employee equity is a promise that people will share in the success they help create. Giving them the opportunity to realise some of that value along the way can strengthen their commitment to building for the long term. Our relationship with Veremark’s founders predates our first investment, and working closely with Daniel and the team has deepened our conviction in the business. We are delighted to extend our backing, helping employees and early investors realise value while supporting Veremark’s ambitious future. We are also proud to be an early participant in the London Stock Exchange’s Private Securities Market. It gives ambitious businesses another reason to build global companies from the UK.”
