Verofax Secures US $750,000 Financing for Blockchain Traceability Service
It is reported that Verofax, a blockchain traceability service company, announced the completion of a US $750000 financing, which was carried out through Beban…
It is reported that Verofax, a blockchain traceability service company, announced the completion of a US $750000 financing, which was carried out through Beban Crowdfunding, a crowdfunding platform licensed and supervised by the Central Bank of Bahrain. Verofax is a start-up company that applies blockchain to build innovative traceability services. It uses blockchain and artificial intelligence technologies to help brands ensure supply chain compliance and sustainability. The company completed an undisclosed amount of pre-seed round financing in 2020. （benzinga）
Verofax, a blockchain traceability service company, completed a US $750000 financing
Interpretation of the news:
Verofax, a start-up company that builds innovative traceability services using blockchain technology, has secured $750,000 in financing through Beban Crowdfunding, a licensed and supervised crowdfunding platform based in Bahrain. The funding will support the company’s mission to revolutionize supply chain compliance and sustainability.
With the use of blockchain and artificial intelligence technologies, Verofax aims to help brands ensure that their supply chain is transparent and accountable. By using a decentralized digital ledger, the technology can track goods from point of origin to point of consumption. This helps to combat counterfeiting, prevent product recalls, and improve food safety.
Beban Crowdfunding is licensed and supervised by the Central Bank of Bahrain, which provides a regulatory framework for crowdfunding investment in the region. This support will help Verofax to expand its services and support more brands to adopt traceability and compliance measures.
Verofax has already completed an undisclosed amount of pre-seed round financing in 2020. This indicates that there is strong interest in supporting this innovative start-up as it seeks to address an important need in the market.
The funding secured through Beban Crowdfunding represents a significant milestone for Verofax. It will enable the company to develop its platform and reach more clients. Furthermore, the fact that the platform is licensed and supervised by the Central Bank of Bahrain provides investors with a degree of confidence and assurance that their investment will be safe and secure.
In conclusion, Verofax’s success in securing funding demonstrates the growing importance of blockchain technology in ensuring supply chain compliance and sustainability. The support of a licensed crowdfunding platform will help the company to achieve its goals and pave the way for other innovative start-ups to access financing in the region.
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