Abu Dhabi, August 29, 2024 – Verofax, a leading Abu Dhabi-based Web3 services provider, has successfully raised $3 million in bridge capital. The funding round was led by prestigious investors, including King Abdullah University for Science and Technology, Plug & Play Tech Center, Navig8 Group, and Trove Capital UK. Other notable participants in the round were Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC.
The fresh capital will be instrumental in accelerating Verofax’s ambitious projects across the Middle East, European Union, and North America. The company plans to leverage its innovative AI-powered guides in the GCC region and launch sports fan guides across the EU and North America.
Verofax, under the leadership of CEO Wassim Merheby, is at the forefront of utilizing patented Web3 technologies such as augmented reality, blockchain, and artificial intelligence. These technologies are designed to create “elevated tourist, shopper, and brand marketing experiences,” transforming how retailers, sports stadiums, and destinations engage with their audiences.
By integrating these cutting-edge technologies, Verofax enables businesses to offer more interactive and immersive experiences, driving higher conversion rates and fostering social virality. Brands can deepen customer engagement through direct involvement and gamification, resulting in more meaningful connections and improved outcomes from AI and AR-powered experiences.
Leading global companies, including Anheuser Busch Inc. and Emirates Airlines, are already leveraging Verofax’s innovative solutions, which are applicable across diverse industries such as retail, tourism, and sports.
Commenting on the milestone, Wassim Merheby, CEO of Verofax, said, “Our solution empowers tourists to enhance their experiences, unlock personalized discounts, and participate in gamified ‘Explore to Win’ sponsored games in augmented reality. This approach allows enterprises and brands to sponsor and elevate their marketing efficiency, foster direct-to-consumer communication, and deliver outstanding experiences that drive growth and boost customer loyalty. We are excited to welcome strategic investors who will help us accelerate the development of our AI guide solution and AR gamified experiences, leveraging their collective network and expertise.”
Verofax’s innovative application of artificial intelligence in the retail and tourism sectors has earned the company numerous accolades. To date, Verofax has generated over $3 million in sales for Fortune 100 firms across 50 countries, solidifying its position as a key player in the Web3 services space.
