Verofax, a UAE-based Web3 services provider, recently raised $3 million in a bridge round. This funding significantly strengthens its position in the industry. King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK led the round. Additionally, Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC participated, marking an important milestone for the company.
Founded in 2018 by Wassim Merheby and Jamil Zablah, Verofax uses advanced technologies like augmented reality (AR), blockchain, and artificial intelligence (AI) to enhance experiences for tourists, shoppers, and brands. These innovations boost user engagement, drive conversions, and increase social virality. As a result, Verofax has become a trusted partner for global brands.
Strategic Expansion in the Middle East and EU
With this new funding, Verofax is set to accelerate its expansion. The company plans to develop AI-powered guides for the GCC region and sports fan guides for the EU and North America. These projects will change how consumers interact with destinations, retailers, and sports stadiums. By offering personalized, gamified experiences, Verofax sets a new standard for customer engagement.
In fact, Verofax’s CEO, Wassim Merheby, expressed excitement about the new partnerships. He emphasized, “Our solution elevates tourist experiences, unlocks personalized discounts, and offers gamified ‘Explore to Win’ sponsored games in augmented reality. Brands can now enhance their marketing efficiency, power direct-to-consumer communication, and deliver amazing experiences to drive growth and boost loyalty.”
Building on Success: Verofax’s Proven Track Record
This latest funding builds on Verofax’s previous successes. In 2022, the company 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. Verofax consistently attracts high-profile investors, validating its innovative approach and market potential.
Additionally, Verofax’s proprietary technologies serve industry giants like Anheuser Busch Inc. and Emirates Airlines. These solutions cater to sectors such as retail, tourism, and sports. Verofax’s leadership in Web3 solutions continues to grow.
Looking Forward: The Future of Web3 with Verofax
Verofax continues to push the boundaries of Web3 technologies, aiming to make a lasting impact on the global market. With a focus on AI and AR, Verofax positions itself to lead the next wave of digital transformation. By delivering unparalleled experiences and driving growth, Verofax actively shapes the future of the Web3 landscape.
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