Veremark becomes the third technology company to use the London Stock Exchange's Private Securities Market, with a £6m secondary sale opening today and the auction set for 7 October. The background-checking firm raised $26m (£19.2m) at a $100m valuation in a Series B earlier this year.
Veremark, which automates employment background checks and candidate screening, has opened a £6m secondary share sale on the London Stock Exchange's Private Securities Market, the venue the exchange built under the government's Pisces framework.
The sale allows employees to sell vested equity alongside early investors. It opens today, 22 September, with the auction itself scheduled for 7 October.
The company, founded in 2020, raised $26m (£19.2m) in a Series B earlier this year at a $100m valuation. That round sets the reference point against which buyers will bid next month, although a Pisces auction clears at whatever price the order book produces rather than at the last primary mark.
Veremark is the third technology company to use the platform, and the smallest by some distance. Wayve, the autonomous driving company, ran a £63m employee sale in July, and fintech Moneybox followed with a £45m sale later the same month. At £6m, Veremark's transaction is roughly a tenth the size of Wayve's.
Chief executive Daniel Callaghan framed the deal as a test of whether the venue works for companies below unicorn scale. "You have these big behemoths of tech companies then the smaller minnows being Veremark," he said, adding that the firm hoped to demonstrate that smaller private companies can use the platform to create liquidity.
Callaghan also pointed to the mechanics, describing the market as an efficient way to make stamp duty savings for both buyers and sellers. He said the London venue carried the credibility and connections the company wanted commercially, and gave it access to a new pool of investors ahead of its next phase of growth.
The transaction matters more to the venue than to Veremark's balance sheet, since secondary sales raise no new capital for the company. Pisces was approved by the Financial Conduct Authority in August 2025 and started slowly, with most private companies continuing to handle secondaries internally or through broker networks.
The London Stock Exchange's platform is now the only one under the framework with more than one participant. Asset Match admitted its first member last month, Wiltshire brewer Wadworth, while JP Jenkins has completed a single transaction, in digital board game maker QPLAY in March. Vestd is yet to host a company.
For the exchange, a third deal in three months strengthens the argument that the framework can hold liquidity in London rather than pushing shareholders towards overseas buyers or private secondary markets.
Original source: City AM — https://www.cityam.com/not-just-for-behemoths-londons-pisces-market-welcomes-third-tech-company/
