{"id":95306,"date":"2024-08-30T00:00:00","date_gmt":"2024-08-30T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/uae\/verofax-secures-usd-3-mn-bridge-funding-from-multiple-investors\/"},"modified":"2024-08-30T00:00:00","modified_gmt":"2024-08-30T00:00:00","slug":"verofax-secures-usd-3-mn-bridge-funding-from-multiple-investors","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/uae\/2024\/08\/30\/verofax-secures-usd-3-mn-bridge-funding-from-multiple-investors\/","title":{"rendered":"Verofax secures USD 3 mn bridge funding from multiple investors"},"content":{"rendered":"

Abu Dhabi-based virtual and augmented reality services provider <\/strong>Verofax<\/a><\/strong> secured USD 3 mn in a bridge <\/strong>funding round, <\/strong>Wamda<\/a> reports. The investment was led by King Abdullah University for Science and Technology, Plug & Play Tech Center<\/a>, Navig8 Group<\/a>, and Trove Capital UK<\/a>, while Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC also participated. <\/p>\n

Where the money\u2019s going: <\/strong>The funding will be used to scale the startup\u2019s 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.<\/p>\n

About the startup: <\/strong>Founded in 2018 by Wassim Merheby (LinkedIn<\/a>) and Jamil Zablah (LinkedIn<\/a>), Verofax uses patented Web3 technologies \u2014 including augmented reality, blockchain, and AI \u2014 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. <\/p>\n

Background:<\/strong> The startup secured a USD 1.5 mn pre-series A round<\/a> in 2022 from Benson Oak Ventures, with 500 Global, Wami Capital, and Vernalis Capital. <\/p>\n","protected":false},"excerpt":{"rendered":"

The funding will be used for Verofax\u2019s projects in the Middle East and EU<\/p>\n","protected":false},"author":1,"featured_media":95307,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1548],"tags":[7,1353,78,1536],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-95306","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-startup-watch","tag-enterpriseam-uae","tag-startup","tag-startup-watch","tag-verofax","wpautop","entry"],"acf":{"mongo_id":"4b0cb52c-2023-48d6-b67b-c1ddf5e8a19c","order":"8","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/8\/1602.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Verofax secures USD 3 mn bridge funding from multiple investors","related_issue":[95292],"teaser":"The funding will be used for Verofax\u2019s projects in the Middle East and EU","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/8\/.d58ab279-a4fc-47c3-89ff-2da903383dbe.mp3"},"yoast_head":"\nVerofax secures USD 3 mn bridge funding from multiple investors - UAE<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/30\/verofax-secures-usd-3-mn-bridge-funding-from-multiple-investors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Verofax secures USD 3 mn bridge funding from multiple investors\" \/>\n<meta property=\"og:description\" content=\"The funding will be used for Verofax\u2019s projects in the Middle East and EU\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/uae\/2024\/08\/30\/verofax-secures-usd-3-mn-bridge-funding-from-multiple-investors\/\" \/>\n<meta property=\"og:site_name\" content=\"UAE\" \/>\n<meta property=\"article:published_time\" content=\"2024-08-30T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1602.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/30\/verofax-secures-usd-3-mn-bridge-funding-from-multiple-investors\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/30\/verofax-secures-usd-3-mn-bridge-funding-from-multiple-investors\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"Verofax secures USD 3 mn bridge funding from multiple investors\",\"datePublished\":\"2024-08-30T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/30\/verofax-secures-usd-3-mn-bridge-funding-from-multiple-investors\/\"},\"wordCount\":192,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/30\/verofax-secures-usd-3-mn-bridge-funding-from-multiple-investors\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/8\/1602.jpg?fit=%2C&ssl=1\",\"keywords\":[\"EnterpriseAM UAE\",\"startup\",\"STARTUP WATCH\",\"Verofax\"],\"articleSection\":[\"STARTUP WATCH\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/30\/verofax-secures-usd-3-mn-bridge-funding-from-multiple-investors\/\",\"url\":\"https:\/\/enterpriseam.com\/uae\/2024\/08\/30\/verofax-secures-usd-3-mn-bridge-funding-from-multiple-investors\/\",\"name\":\"Verofax secures USD 3 mn bridge funding from multiple investors - 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