UAE-based advisory firm Privity has invested in Abu Dhabi-based Verofax Limited’s pre-seed investment round.
Founded in 2018, Verofax, a blockchain “traceability as a service” startup, aims to enhance traceability throughout the entire supply chain. The platform offers a wide range of services including serialisation, anti-counterfeit and anti-diversion solutions.
“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,” said Wassim Merheby, CEO at Verofax.
Launched in Dubai in 2004, Privity is a venture-focused advisory firm that has invested in more than a dozen companies.
“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,” said Sleem Hasan, founder and CEO of Privity. “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.”