According to PANews, UAE-based Web3 service provider Verofax has announced the completion of a $3 million bridge funding round. The round was led by investors including King Abdullah University of Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK. Other participants in this funding round included Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC.
Founded in 2018 by Wassim Merheby and Jamil Zablah, Verofax leverages Web3 technologies such as augmented reality, blockchain, and artificial intelligence to enhance marketing experiences for tourists, shoppers, and brands. The newly acquired funds will be used to advance Verofax's projects in the Middle East and the European Union. These projects include AI guides tailored for the Gulf Cooperation Council region and sports fan guides for audiences in the EU and North America. In a previous funding round in 2022, Verofax raised $1.5 million in a pre-Series A round led by Benson Oak Ventures, with participation from 500 Global, Wami Capital, and Vernalis Capital.
