Verofax Limited, an Abu Dhabi-based asset digitization and traceability solutions provider, has closed a $1.5 million Pre-Series A round by international investors led by Benson Oak Ventures, with 500 Startups, joined by Wami Capital and Vernalis Capital.
Verofax uses patented technology incorporating blockchain, augmented reality and artificial intelligence (AI) to provide ‘Traceability as a Service’, allowing brands to make their offline products interactive and manage their entire supply chain to track goods, prevent counterfeiting, and boost productivity.
Brands can extend their reach directly to end-customers and hence increasing consumer intimacy with direct engagement, and leveraging the boom in NFTs and metaverse experiences.
The funds secured will be used to expand the company’s sales and marketing activities on a global level, ahead of a planned Series A round later in 2022. Verofax solutions apply to a wide range of industries and are already used by leading brands such as Anheuser Busch.
Mr. Wassim Merheby, CEO of Verofax said that “Our solution helps brands turn their products into a direct-to-consumer communication channel and deliver amazing experiences to drive growth and boost loyalty while also promoting greener product choices and ESG auditability. We are thrilled to be joined by investors that will help accelerate our growth trajectory through their collective expertise, network, and leadership.”
Verofax is a Microsoft Gold partner and has secured a global network of distributors and resellers, and co-selling on enterprise solution platforms including Microsoft App source, Amazon AWS and Ant Group Antchain.
Mr. Robert Cohen, Managing Director of lead investor Benson Oak Ventures, said that “We have a very specific investment thesis that brands will leverage Web 3 & NFTs to reinvent their engagement & business models with consumers, creating entirely new service categories. Verofax has demonstrated early product-market fit, leveraging its proprietary technology to sell its Traceability solution to many different types of brands and help them navigate this new world.”
