Tag: Verofax Limited

Verofax Secures $1.2M 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.

“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, 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.

About Verofax

Verofax Limited is an automation, optimization and validation solutions provider for enterprises and financial institutions with a presence in Asia, the Middle East and Africa. The Verofax platform allows enterprises to share operational datasets with Banks to boost their credit scoring. Verofax has established partnerships with a sustainable retailer in Asia, and set-up JVs in Asia, Africa, and the GCC. The startup has also been approved as a co-sell partner by Microsoft, Oracle, and AntGroup. Please visit www.verofax.com.

Privity FZ LLE participates in Verofax pre-seed investment round

Verofax Limited, a start-up building innovative Traceability services with the application of blockchain, closed its recent pre-seed investment round with participation from Privity FZ LLE, based in the UAE, acquiring an equity stake. Privity is an independent venture-focused advisory firm, founded in Dubai in 2004, that has backed and invested in more than a dozen portfolio companies since its inception.

Wassim Merheby, Verofax CEO, commented, “We are truly thrilled to welcome Privity as a shareholder in Verofax. Traceability plays a key role in upgrading brand owners’ business through authenticity validation, advanced product marketing and access to financing and global markets. Traceability is a key enabler of digital transformation to automated and resilient supply chain services. In the markets where Traceability has been deployed such as China, sales increased by over 30% while consumer complaints dropped by 42%. It is just a matter of time for Traceability to become a must for ShopSafe compliance regulations, currently under review in the US.”

Mr. Merheby is leading transformation projects for the Health authorities in UAE in relation to eHealth native digital services, and promoting patient safety through the application of integrated technologies. The world has just been hit by a pandemic which clearly points out that Healthcare could be better managed with contactless processes applying technologies such as IOT devices, drones, blockchain, AI, and augmented reality. The most immediate need is for the safe delivery of eHealth services, where Verofax offers wide applicability for the underlying systems of the Healthcare and supply chain industries.

Sleem Hasan, Privity Founder and CEO, said “Privity participated alongside reputed regional investors in the pre-seed round of investment in Verofax. This is also Privity’s first portfolio company based in the UAE, and its second HealthTech venture. I am delighted to open Privity’s network to Verofax as I find the underlying value proposition of their business idea compelling. COVID-19 has demonstrated the need to transform secure delivery and offer protection to the most vulnerable in our society. Verofax services are perfectly positioned and aligned to secure pharmaceutical deliveries of medication in the region with privacy and safety.”

Verofax proprietary traceability and delivery solutions powers unique compliance and brand protection services, including serialization, traceability, anti-counterfeit and anti-diversion solutions. The service supports manufacturers of food, pharmaceuticals and other consumer goods, in meeting evolving product traceability regulations and growing consumer demand for product safety, security and authenticity.

About Verofax

Verofax Limited is a blockchain-enabled, traceability service provider established in Abu Dhabi Global Markets, UAE. Verofax services have been accepted by Oracle, Microsoft and Ant Group for co-selling across their established B2B channels. Verofax has recently set up subsidiary entities in Malaysia and Estonia, to offer Traceability-as-a-service across wider geographies.

About Privity

Privity FZ LLE was founded in 2004, an independent venture-focused advisory firm that seeks entrepreneurs with interesting and unique ideas and helps them develop and grow. Privity is agnostic to geography and industry vertical. It focuses on the quality of the entrepreneur and the compelling value proposition of the idea.

Visit Verofax at https://verofax.com, and Privity FZ LLE at http://www.privitylle.com.