According to PANews, Verofax, a Web3 service provider headquartered in the UAE, announced the completion of a $3 million bridge financing round led by King Abdullah University of Science and Technology, Plug & Play Tech Center, Navig8 Group and Trove Capital UK.
Other participants include Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC. Founded in 2018 by Wassim Merheby and Jamil Zablah, Verofax leverages Web3 technology to enhance the marketing experience for tourists, shoppers, and brands.
The new funds will be used to advance Verofax’s projects in the Middle East and the EU, including an AI guide tailored for the GCC region and a sports fan guide for EU and North American audiences. In 2022, Verofax raised $1.5 million in a pre-Series A round.
