Verofax, a Web3 services provider based in the UAE, has successfully secured $3 million in a bridge funding round. This round was led by prominent investors including King Abdullah University of Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK. Additional participants in the funding round were Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC.
Founded in 2018 by Wassim Merheby and Jamil Zablah, Verofax leverages advanced Web3 technologies—such as augmented reality, blockchain, and artificial intelligence—to enhance marketing experiences for tourists, shoppers, and brands. The newly acquired funds will be used to advance Verofax’s projects in both the Middle East and the European Union. These projects include AI-powered guides tailored for the GCC region and sports fan guides for audiences in the EU and North America.
In a previous funding round 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.
Verofax, under the leadership of CEO Wassim Merheby, has developed proprietary Web3 technologies that provide interactive and gamified experiences, boosting conversion rates and fostering social engagement for retailers, sports venues, and tourist destinations. The company’s innovative solutions have been adopted by major brands such as Anheuser-Busch and Emirates Airlines, demonstrating their broad applicability across sectors like retail, tourism, and sports.
Merheby highlighted the impact of Verofax’s technology on enhancing consumer experiences, stating, “Our solutions allow tourists to enjoy personalized discounts and participate in augmented reality games, enabling brands to elevate their marketing efficiency and directly engage with consumers. We are excited to have strategic investors on board who will help accelerate the development of our AI guide solutions and AR gamified experiences, expanding our growth potential.”
Verofax has earned recognition for its use of artificial intelligence in retail and tourism, generating over $3 million in sales for Fortune 100 companies across 50 countries.
