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.
Additionally, they’ve been growing their presence internationally by striking a deal with Distichain in January of this year to help digitize Malaysian cross-border trade. It is thought that the digitization that Verofax can provide will stimulate economic growth in the country. It will also allow Verofax to increase its global footprint and ability to secure funding for other projects.
Verofax started in 2018 by focusing on supply chain digitization and traceability. It joins the many other blockchain solutions that have diversified their applications to target more sustainably-oriented traceability services. For example, the luxury blockchain consortium AURA, which includes LVMH and Cartier, initially tackled the issue of anti-counterfeit goods but later expanded to include the ability to demonstrate sustainably sourced materials to consumers.