According to Assiyaq, Verofax, a Web3 service provider based in the UAE, announced the completion of a $3 million bridge financing. This round of financing was led by investors such as King Abdullah University of Science and Technology, Plug & Play Tech Center, Navig8 Group and Trove Capital UK. Other participants in this round of financing include Jawa Brothers Advisory, Alzamil Pedco CVC and Tracecore CVC.
The newly acquired funds will be used to advance Verofax’s projects in the Middle East and the EU. These projects include an AI guide tailored for the GCC region and a sports fan guide for EU and North American audiences.
Founded in 2018 by Wassim Merheby and Jamil Zablah, Verofax leverages Web3 technologies such as augmented reality, blockchain, and artificial intelligence to enhance the marketing experience for tourists, shoppers, and brands.
It is reported that in 2022, Verofax raised US$1.5 million in a pre-Series A financing round led by Benson Oak Ventures, with participation from 500 Global, Wami Capital and Vernalis Capital.
