UAE’s Digitisation & Traceability Specialist Verofax Raises $1.5M
Since launching in 2018, the comapny has made a mark with automation and traceability services that help businesses avoid counterfeits, link manufacturers with customers and gather data insights.
A specialist in asset digitisation and traceability solutions, UAE-based Verofax has raised a pre-seed round of $1.5 million led by Benson Oak Ventures, with participation from 500 Global, Wami Capital, and Vernalis Capital.
Launched in 2018 by Jamil Zablah and Wassim Merheby, Verofax offers automation and traceability services to help businesses avoid counterfeits, link manufacturers with customers and gather data insights. In a short few years, the startup has caught the attention of some of the biggest companies on the planet, becoming co-sell partners with the likes of Microsoft and AntGroup, an affiliate company of China's Alibaba Group
Interestingly, the company incorporates blockchain, augmented reality and artificial intelligence in its 'Traceability as a Service' system, which enables brands to add an interactive element to their offline products. Subsequently, there is the potential for said brands to have direct access to end-consumers, which in turn allows for leveraging the current boom in NFTs and metaverse experiences.
This investment is Verofax’s latest since 2021's $1.1 million boost, which was led by the UK's Trove Capital.
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Feb 20, 2024