UAE Blockchain health startup Verofax receives new investments
UAE Privity invests in Verofax acquiring equity stake
Verofax Limited, a start-up building innovative Traceability services based in ADGM utilizing blockchain, has closed its recent pre-seed investment round with participation from Privity FZ LLE, based in the UAE, acquiring an equity stake. Privity is an independent venture-focused advisory firm, founded in Dubai in 2004, that has backed and invested in more than a dozen portfolio companies since its inception.
Wassim Merheby, Verofax CEO, commented, “We are truly thrilled to welcome Privity as a shareholder in Verofax. Traceability plays a key role in upgrading brand owners’ business through authenticity validation, advanced product marketing and access to financing and global markets. Traceability is a key enabler of digital transformation to automated and resilient supply chain services. In the markets where Traceability has been deployed such as China, sales increased by over 30% while consumer complaints dropped by 42%. It is just a matter of time for Traceability to become a must for ShopSafe compliance regulations, currently under review in the US.”
Mr. Merheby is leading transformation projects for the Health authorities in UAE in relation to eHealth native digital services, and promoting patient safety through the application of integrated technologies. The world has just been hit by a pandemic which clearly points out that Healthcare could be better managed with contactless processes applying technologies such as IOT devices, drones, blockchain, AI, and augmented reality. The most immediate need is for the safe delivery of eHealth services, where Verofax offers wide applicability for the underlying systems of the Healthcare and supply chain industries.
Sleem Hasan, Privity Founder and CEO, said “Privity participated alongside reputed regional investors in the pre-seed round of investment in Verofax. This is also Privity’s first portfolio company based in the UAE, and its second HealthTech venture. I am delighted to open Privity’s network to Verofax as I find the underlying value proposition of their business idea compelling. COVID-19 has demonstrated the need to transform secure delivery and offer protection to the most vulnerable in our society. Verofax services are perfectly positioned and aligned to secure pharmaceutical deliveries of medication in the region with privacy and safety.”
Verofax proprietary traceability and delivery solutions powers unique compliance and brand protection services, including serialization, traceability, anti-counterfeit and anti-diversion solutions. The service supports manufacturers of food, pharmaceuticals and other consumer goods, in meeting evolving product traceability regulations and growing consumer demand for product safety, security and authenticity.
Last week Verofax also received investment from Gawah Holdings as well.