UAE’s Verofax has raised $3 million in a bridge round, led by King Abdullah University for Science (KAUST) and Technology, with participation from Plug & Play Tech Center, Navig8 Group, Trove Capital UK, Jawa Brothers Advisory, Alzamil Pedco CVC, and Tracecore CVC.

Why it Matters? Verofax works in 50 markets in the Middle East, the European Union and North America.

More to Know:

• Founded in 2018 by Wassim Merheby and Jamil Zablah.
• Verofax uses patented Web3 technologies like blockchain, augmented reality, and artificial intelligence to help brands elevate their users’ experience.
• The company says it works in 50 markets and that its solutions are deployed in over 4 billion products and touristic destinations.
• Verofax will use the funds to develop its projects in the Middle East, the EU, and North America; including AI-powered guides in the GCC and sports fan guides.
• Previously, the company raised $1.5 million in a Pre-Series A round in 2022.