Privity FZ LLE participates in Verofax pre-seed investment round – ZAWYA

Privity FZ LLE participates in Verofax pre-seed investment round – ZAWYA

Privity FZ LLE participates in Verofax pre-seed investment round | ZAWYA MENA Edition HomeArticlePrivity FZ LLE participates in Verofax pre-seed investment round Traceability plays a key role in upgrading brand owners' business through authenticity validation, advanced product marketing and access to financing and global markets    DUBAI, UAE - (ACN Newswire) - Verofax Limited, a start-up building innovative Traceability services with the application of blockchain, 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