Supply chain traceability platform Verofax scores pre-Series A round

Verofax, an asset digitalisation and traceability solutions provider, has received a $1.5m pre-Series A funding round.

The investment was led by Benson Oak Ventures, with commitments also coming from 500 Startups, Wami Capital and Vernalis Capital.

With the funds, the company hopes to expand its sales and marketing activities on a global level.

Verofax is gearing up for a Series A round later in 2022.

The FinTech company leverages patented technology that incorporates blockchain, augmented reality and artificial intelligence to provide traceability as a service. With this, brands can transform their offline products into interactive ones and better monitor their supply chain to trace goods, fend off counterfeit activities and improve manufacturer’s productivity.

Verofax states brands can extend their reach directly to end-consumers, increasing consumer intimacy with direct engagement and leveraging the boon in NFTs and metaverse experiences.

Verofax, CEO Wassim Merheby said, “Our solution helps brands turn their products into a direct-to-consumer communication channel and deliver amazing experiences to drive growth and boost loyalty while also promoting greener product choices and ESG auditability.

“Verofax also helps turn give-aways into collectible and tradeable NFTs, interoperable across several metaverse environments. We are thrilled to be joined by investors that will help accelerate our growth trajectory through their collective expertise, network, and leadership.”

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