Verofax, a UAE-based Web3 service provider, announced the completion of a $3 million bridge financing. 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 the round included Jawa Brothers Advisory, Alzamil Pedco CVC and Tracecore CVC.
Founded in 2018 by Wassim Merheby and Jamil Zablah, Verofax uses Web3 technologies such as augmented reality, blockchain and artificial intelligence to enhance the marketing experience for tourists, shoppers and brands. The newly acquired funds will be used to advance Verofax's projects in the Middle East and the European Union.