According to Techub News, Assiyaq reported that the UAE Web3 service provider Verofax has completed a $3 million financing round, led by King Abdullah University of Science and Technology, Plug & Play Tech Center, Navig8 Group and Trove Capital UK, with participation from Jawa Brothers Advisory, Alzamil Pedco CVC and Tracecore CVC.

Verofax aims to use Web3 technology to enhance the experience of tourists, shoppers and brands. The funds raised will be used to advance Verofax's projects in the Middle East and the European Union.