Verofax Secures $1.2 Million Seed Round for Automation and Traceability Platform
Verofax Limited, an automation and traceability platform, has secured $1.2M in a Seed funding round, led by Trove Capital Limited UK. Other investors included MFD Holding, Kepler Fund Managers, and Casablanca Holding. This funding marks Verofax porting its platform on Microsoft Cloud and its recent Q4 expansion into Asia and Africa.
Established in 2018, Verofax has developed an automation and traceability platform that allows enterprises to prevent counterfeit, improve manufacturers’ engagement with consumers, and increase staff productivity with data insights. Verofax offers services such as Item ID serialization, traceability, and transaction certification on private Blockchain with cost and time to market advantage.
Wassim Merheby, CEO and Co-Founder of Verofax, commented on the round, “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.
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“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.”
Verofax’s, which has offices in Abu Dhabi and Kuala Lumpur, will use the funding to serve its pipeline of projects, launch a marketing campaign targeted at food, healthcare, and apparel industries. It is also to hire 20 additional team members, mainly software developers and business development managers.