Exclusive: 3one4 Capital, others back background verification startup Betterplace

Betterplace Safety Solutions Pvt Ltd, a platform that manages the semi-formal workforce, has raised $3 million (Rs 20.4 crore) in a Series A round of funding from a new investor 3one4 Capital, a top executive told VCCircle. Existing investors Venture Highway and Unitus Ventures also participated in the round, said Pravin Agarwala, co-founder and chief executive, BetterPlace. The fresh funding will help the company expand its solutions into skilling, compliance and fintech services as it aims to consolidate its position as a single platform for the semi-formal workforce in the country. "A significant part of the funds will be utilised to strengthen the existing ecosystem using frictionless solutions powered by artificial intelligence and machine learning," added Agarwala. The Bangalore-based company had initially raised $970,000 (Rs 6.6 crore) in seed funding from India-focused early-stage investor Unitus Ventures in February 2016.