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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."
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