Verofax raises $1.2 million seed round

We show you our most important and recent visitors news details Verofax raises $1.2 million seed round in the following article

Hind Al Soulia - Riyadh - UAE-based automation and traceability company Verofax, has raised a $1.2 million seed funding round from Trove Capital UK, with participation from MFD Holding, Kepler Fund Managers and Casablanca Holding.

Founded in 2018, Verofax uses a blockchain-based platform that allows enterprises to prevent counterfeit, improve manufacturers’ engagement with their customers, and increase staff productivity with data insights. 

Verofax will use the proceeds to fund its pipeline of projects, launch marketing campaigns targeted at food, healthcare, and apparel industries, as well as hire new talent. The company launched in Africa and Asia in the fourth quarter of 2020.

Wassim Merheby, CEO and co-founder of Verofax said: “Counterfeit is exceeding 20 per cent of global trade in some industries and accounts for $1.8 trillion losses to businesses. The US, EU, China, and Russia have already adopted regulation for retailer and e-commerce accountability on fake merchandise sold through their marketplaces. Verofax simply adds certainty in global trade with item digital ID throughout every product lifecycle."


These were the details of the news Verofax raises $1.2 million seed round for this day. We hope that we have succeeded by giving you the full details and information. To follow all our news, you can subscribe to the alerts system or to one of our different systems to provide you with all that is new.

It is also worth noting that the original news has been published and is available at Wamda and the editorial team at AlKhaleej Today has confirmed it and it has been modified, and it may have been completely transferred or quoted from it and you can read and follow this news from its main source.

NEXT Dubai to launch 15th autism awareness drive tomorrow