Web3 service provider Verofax has completed a $3 million funding round, led by Navig8 Group and others

2024-08-30 11:02:41

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ChainCatcher news, according to Assiyaq, the UAE-based Web3 service provider Verofax has announced the completion of a $3 million bridge financing. This round of financing was led by investors including King Abdullah University of Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK. Other participants in this round of financing include Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC.

The newly acquired funds will be used to advance Verofax's projects in the Middle East and the EU. These projects include AI guidelines tailored for the Gulf Cooperation Council region and a sports fan guide for audiences in the EU and North America.

Verofax was founded in 2018 by Wassim Merheby and Jamil Zablah, leveraging Web3 technologies such as augmented reality, blockchain, and artificial intelligence to enhance the marketing experience for tourists, shoppers, and brands.

It is reported that in 2022, Verofax raised $1.5 million in a pre-Series A financing round led by Benson Oak Ventures, with participation from 500 Global, Wami Capital, and Vernalis Capital.

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