TechFlow news, according to Assiyaq, Verofax, a UAE-based Web3 service provider, has announced the completion of a $3 million bridge financing round. The round was led by investors including King Abdullah University of Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK. Other participants in this funding round include Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC.
The newly raised funds will be used to advance Verofax's projects in the Middle East and the European Union. These initiatives include AI guides tailored for the Gulf Cooperation Council region, as well as sports fan engagement guides targeting audiences in the EU and North America.
Founded in 2018 by Wassim Merheby and Jamil Zablah, Verofax leverages Web3 technologies such as augmented reality, blockchain, and artificial intelligence to enhance marketing experiences for visitors, shoppers, and brands.
In 2022, Verofax raised $1.5 million in a pre-Series A round led by Benson Oak Ventures, with participation from 500 Global, Wami Capital, and Vernalis Capital.
