Verofax enables enterprises to prevent counterfeit, improve manufacturers’ engagement with consumers, and increase staff productivity with data insights.
United Arab Emirates, March 13, 2021 /AlexaBlockchain/ – Verofax Limited has secured $1.2 million in a Seed funding round, led by Trove Capital Limited UK. Other investors included MFD Holding, Kepler Fund Managers, and Casablanca Holding.
Established in 2018, Verofax Limited is an automation and traceability platform catering to enterprises and financial institutions. This funding marks Verofax porting its platform on Microsoft Cloud and its recent Q4 expansion into Asia and Africa.
- Verofax enables enterprises to prevent counterfeit, improve manufacturers’ engagement with consumers, and increase staff productivity with data insights.
- It offers services such as Item ID serialization, traceability, and transaction certification on private Blockchain with cost and time to market advantage.
- Verofax will use the seed funding to serve its pipeline of projects, launch a marketing campaign targeted at food, healthcare, and apparel industries.
- It has also planned to hire 20 additional team members, mainly software developers and business development managers.
Commenting on the investment, Wassim Merheby, CEO and Co-Founder of Verofax, said:
“Counterfeit is exceeding 20% of global trade in some industries and accounts for $1.8T losses to businesses. With retailers and manufacturers adopting traceability and item serialization in their operations, Verofax enables supplier screening, consumer engagement, and inventory optimization.”
“US, EU, China, and Russia have already adopted regulations 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,” Wassim Merheby, added.
