Earlier this month, UAE-based blockchain traceability firm Verofax raised a $1.5M pre-series A funding. This money is set to expand its ‘Traceability as a Service’ offering through its global sales and marketing activities. The startup previously raised $1.2m in early 2021 and it expects a Series A funding to follow later this year.
Benson Oak led the deal alongside Wami Capital and Vernalis Capital. “Verofax has demonstrated early product market fit, leveraging its proprietary technology to sell its Traceability solution to many different types of brands and help them navigate this new world,” said Robert Cohen, Managing Director of Benson Oak. It is clear that investors increasingly value sustainable applications of this traceability technology and that Verofax plans to augment this area of its business.
In its mission to promote sustainable practices, Verofax recently partnered with Twin Science and LikeToBe in the sponsorship of an Antarctic expedition. The initiative aimed to understand the full impact of microplastics on local environments, as well as on the speed and scale of local ice cap melting.
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