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Abu Dhabi-based virtual and augmented reality services provider Verofax secured USD 3 mn in a bridge funding round, Wamda reports. The investment was led by King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK, while Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC also participated.
Where the money’s going: The funding will be used to scale the startup’s projects in the Middle East and EU, including AI-powered guides for retail, tourism, and sports firms in the GCC and sports fan guides in the EU and North America.
About the startup: Founded in 2018 by Wassim Merheby (LinkedIn) and Jamil Zablah (LinkedIn), Verofax uses patented Web3 technologies — including augmented reality, blockchain, and AI — to help brands in retail, tourism, and sports sponsor marketing efforts and ramp up consumer loyalty. The startup has reeled in over USD 3 mn in sales for Fortune 100 companies across 50 countries, with its clientele including Anheuser Busch and Emirates Airlines.
Background: The startup secured a USD 1.5 mn pre-series A round in 2022 from Benson Oak Ventures, with 500 Global, Wami Capital, and Vernalis Capital.
