Verofax
ActiveBlockchain traceability & anti-counterfeiting for supply chains
Verofax is an Abu Dhabi-based startup providing 'Traceability as a Service' using blockchain, AR and AI to serialise products, trace supply chains, and combat counterfeiting. It later expanded into Web3 brand-engagement experiences for retail, tourism and sports. Clients cited include Anheuser-Busch and Emirates Airlines.
Founders
Funding Rounds
Lead: King Abdullah University of Science and Technology
Investors: King Abdullah University of Science and Technology, Plug & Play Tech Center, Navig8 Group, Trove Capital UK, Jawa Brothers Advisory, Alzamil Pedco CVC, Tracecore CVC
Investors: King Abdullah University of Science and Technology, Plug & Play Tech Center, Navig8 Group, Trove Capital UK.
Lead: Benson Oak Ventures
Investors: Benson Oak Ventures, 500 Global, Wami Capital, Vernalis Capital
Company calls this a 'pre-Series A' round (no such enum value; filed as bridge). 500 Global is named as '500 Startups' in the release. Release said a Series A was planned for later in 2022; no Series A was ever announced. Also: https://www.wamda.com/2022/01/verofax-raises-15-million-pre-series-round https://www.finsmes.com/2022/01/verofax-secures-1-5m-in-pre-series-a-funding.html https://www.zawya.com/en/press-release/verofax-secures-15mln-in-pre-series-a-to-expand-its-traceability-as-a-service-offeringnbsp-c857rzl6 Confidence: confirmed (round 13, ACN Newswire (company press release)).
Lead: Trove Capital UK
Investors: Trove Capital UK, MFD Holding, Kepler Fund Managers, Casablanca Holding
Company press release; Trove Capital Limited (UK) named as lead. Also: https://www.ledgerinsights.com/blockchain-traceability-startup-verofax-seed-funding/ https://www.zawya.com/mena/en/press-releases/story/Verofax_secures_12m_seed_round_for_automation_and_traceability_platform-ZAWYA20210310042931/ https://waya.media/verofax-raises-1-2-million-in-seed-funding/ Confidence: confirmed (round 13, ACN Newswire (company press release)).
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