Verofax Limited, a UAE-based Web3 services company, has recently closed a $3 million bridge funding round. This round, spearheaded by prominent investors, underscores the company's ongoing efforts to revolutionize tourist, retail, and brand experiences through cutting-edge Web3 technologies. Verofax's innovative approach, combining Blockchain, Augmented Reality (AR), and Artificial Intelligence (AI), aims to transform the way customers interact with brands, enhance social engagement, and drive sales conversion rates.

Funding Round and Strategic Investors

The $3 million bridge round was led by King Abdullah University for Science and Technology (KAUST), Plug & Play Tech Center, Navig8 Group, and Trove Capital UK, with additional participation from Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC. This influx of capital will enable Verofax to accelerate its project pipeline, particularly in the Middle East and European Union, focusing on AI-powered guides and sports fan engagement tools.

This funding round is a significant milestone for Verofax, which previously raised $1.5 million in a pre-Series A round in 2022, led by Benson Oak Ventures, with participation from 500 Global, Wami Capital, and Vernalis Capital. The current round highlights continued investor confidence in Verofax’s vision and its potential to reshape industries through Web3 technologies.

Pioneering Web3 Technologies

Founded in 2018 by Wassim Merheby and Jamil Zablah, Verofax has carved out a niche in the market by leveraging Web3 technologies to create immersive and interactive experiences for tourists, shoppers, and sports fans. The company’s proprietary solutions integrate Blockchain, AR, and AI to offer personalized, gamified experiences that enhance customer engagement and loyalty. These technologies allow destinations, retailers, and sports stadiums to transform traditional experiences into interactive journeys, fostering deeper connections with consumers and driving higher conversion rates.

Verofax's solutions have already garnered the attention of leading global brands, including Anheuser Busch Inc. and Emirates Airlines, which have adopted these technologies to improve customer interactions. The company's success is reflected in its global reach, with over $3 million in sales to Fortune 100 companies across 50 markets.

Expanding Horizons: Middle East and EU Projects

The new funding will be channeled into expanding Verofax’s project portfolio, with a particular focus on the Middle East and European Union markets. In the GCC region, Verofax plans to roll out AI-powered guides designed to enhance the tourism experience by offering personalized discounts and gamified "Explore to Win" games in AR. These initiatives are poised to not only elevate the tourist experience but also provide brands with innovative ways to engage directly with consumers, thereby increasing marketing efficiency and customer loyalty.

In the European Union and North America, Verofax aims to introduce sports fan engagement tools that leverage AI and AR to create interactive experiences within stadiums and other sports venues. These tools will enable brands to sponsor and enhance the fan experience, fostering deeper connections and promoting social virality.

Strategic Leadership and Vision

Verofax’s leadership, under the guidance of CEO Wassim Merheby, is focused on driving growth through innovation and strategic partnerships. Merheby emphasized the company's commitment to enhancing customer experiences through cutting-edge technology, stating, "Our solution helps tourists elevate their experiences, unlock personalized discounts, and offer gamified ‘Explore to Win’ sponsored games in augmented reality. This allows enterprises and brands to sponsor and elevate their marketing efficiency, power direct-to-consumer communication, and deliver amazing experiences to drive growth and boost loyalty."

The involvement of strategic investors like KAUST and Plug & Play Tech Center further strengthens Verofax’s position in the market. These investors bring not only capital but also a wealth of experience and networks that will be instrumental in accelerating the company’s growth and expanding its market presence.

Verofax’s successful $3 million bridge funding round marks a pivotal moment in the company’s journey to becoming a leader in Web3 services. With the support of strategic investors and a clear vision for the future, Verofax is well-positioned to continue its expansion into new markets and industries, transforming the way brands interact with consumers through AI, AR, and Blockchain technologies. As the company moves forward, it remains committed to driving innovation and delivering unparalleled experiences that set new standards in the tourism, retail, and sports sectors.