Verofax Limited, an Abu Dhabi, UAE-based automation and traceability platform, secured $1.2M in seed funding.
The round was led by Trove Capital Limited UK with participation from MFD Holding, Kepler Fund Managers, and Casablanca Holding.
The company intends to use the funds to serve its pipeline of projects, launch a marketing campaign targeted at food, healthcare, and apparel industries and hire 20 additional team members, mainly software developers and business development managers.
Established in 2018 and led by Wassim Merheby and Jamil Zablah, Verofax has developed an automation and traceability platform that allows enterprises to prevent counterfeit, improve manufacturers’ engagement with consumers, and increase staff productivity with data insights. The company offers services such as Item ID serialization, traceability, and transaction certification on private Blockchain with cost and time to market advantage.
Verofax, which also has offices in Kuala Lumpur, has established partnerships with a sustainable retailer in Asia, and set-up JVs in Asia, Africa, and the GCC and has also been approved as a co-sell partner by Microsoft, Oracle, and AntGroup.