A traceability and automation platform, Verofax Limited, led by Trove Capital UK, has in a Seed funding round secured $1.2million. Other investors include Kepler Fund Managers, MFD Holding, and Casablanca Holding.
This funding is simultaneous with the porting of the platform of Verofax on Microsoft Cloud and its current expansion in the fourth quarter of 2020 into Asia and Africa.
Established in 2018, Verofax has developed traceability and automation platform that permits enterprises to avoid fake, increase staff productivity with data insights, improve engagement of manufacturers with consumers.
Verofax offers services such as traceability, Item ID serialization, and certification of transaction on private Blockchain with time and cost to market advantage.
CEO and Co-Founder of Verofax, Wassim Merheby, spoke on the round, “in some industries, counterfeit is going above 20% of trade globally, and accounts for businesses losses to the tune of $1.8 trillion. With manufacturers and retailers adopting item serialization and traceability in their activities, Verofax supports consumer engagement, supplier screening, and inventory optimization.
“Russia, US, China, and EU have now adopted rules for E-commerce and retailer accountability on fake products sold via their marketplaces. What Verofax does is to simply include certainty in trade globally with digital ID all through a product’s lifecycle.”
Verofax has set-up joint ventures in Africa, Asia, and the GCC. It has also procured partnership deals with a sustainable retailer in Asia. Microsoft, AntGroup, and Oracle has approved the start-up as a co-sell partner.
Verofax, which has offices in Kuala Lumpur and Abu Dhabi will make use of the funding to serve its numerous projects, begin a marketing campaign to target healthcare, food, and apparel industries. It will also hire 20 extra team members, mainly business development managers and software developers.