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Fremont, CA: Vetty, a fast-growing provider of an AI-based employee verification platform focuses on gig-economy marketplaces and enterprises raises a pre-Series A funding round of $4 million. 3Lines Venture Capital, a previous investor in the company, is set to lead the round by increasing its target investment of $1 million. Krishna Kunapuli, a General Partner at 3Lines, will be a member of the Vetty's Board of Directors, as part of the deal.
The Pre-Series A funding round was decided after a successful year for Vetty, which experienced a rapidly growing clientele that sought out frictionless background screening feature for verifying potential employees. Vetty is all set to capture its market share in its fast-growing industry sector by utilizing these funds to develop sales and accelerate the development of the company's platform. Vetty's customers comprise of industry's leading companies such as Wag!, Bellhop, and MASTERCLASS.
"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 put him in the top one per cent 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."
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