Vetty, a fast growing provider of an AI-based employee verification platform for gig-economy marketplaces and enterprises announced it is raising a Pre-Series A round of $4M USD. 3Lines Venture Capital, a previous investor in the company, will be leading this round by upping its own target investment of $1M USD. Krishna Kunapuli, a General Partner at 3Lines, will join the Vetty Board of Directors.
The Pre-Series A financing builds on a successful year for Vetty which saw a rapidly growing roster of clients seeking a frictionless background screening option for verifying potential employees. Vetty is primed to capture market share in its fast growing industry sector by using these funds to grow sales and accelerate development of the platform. Vetty’s customers include industry leading companies such as Wag!, Bellhop and MASTERCLASS.
3Lines Venture Capital, based out of Denver, Colorado, invests in AI-enabled and disruptive software technology based startup companies in the Future of Work, Worker and the Workplace.
“As an industry, we’re just scratching the surface of the background verification market,” Subrat Nayak, Founder and CEO of Vetty said. “We are working hard to truly dominate this fast-growing market and 3Lines has been more than an investor for us. They have created tremendous value by bringing in their expertise in the AI-enabled tech startup world and guiding us to steer clear of the pitfalls, and working with us on formulating key business strategies. We are confident, with their expert guidance, that we will continue to find success.”
“Subrat’s deep knowledge in the HR space, paying attention to details, patience in building the core, and his focus in capital efficiency puts him in the top one percent of very successful entrepreneurs,” Kunapuli said. “Vetty is a powerful solution and we are looking forward to working closely with their team as they work to build a great company in an exciting category.”