Yesterday UAE-based blockchain startup Verofax said it raised $1.2m in a seed round for its automation and traceability platform. The investment was led by London-based Trove Capital, which was joined by MFD Holding, Kepler Fund Managers and Casablanca Holding.
The successful raise follows Verofax’s expansion into Asia and Africa in Q4 of 2020. The company intends to use the proceeds from the seed fund for existing projects, as well as launching a marketing campaign targeting the food, healthcare and apparel industries and expanding its team.
Established in 2018, the company hopes its technology can allow businesses to prevent counterfeits, improve manufacturer engagement with customers and use data insights to increase staff productivity. According to rhe Global Brand Counterfeiting Report 2018-2020, counterfeiting was forecast to account for $1.82 trillion business losses globally by 2020.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
