Blockchain traceability startup Verofax raises $1.2m

United Arab Emirates-based Verofax has raised $1.2m in seed funding for its blockchain-based asset management and traceability platform.

The three-year-old company says its technology – which has just been ported onto the Microsoft Cloud – can help organisations “prevent counterfeit, improve manufacturers' engagement with consumers, and increase staff productivity.”

Verofax offers services such as serialization of items, traceability, and transaction certification on a private blockchain, and says it will use the funding for its pipeline of projects, to launch a marketing campaign targeted at food, healthcare, and apparel industries, and hire 20 additional team members – mainly software developers and business development managers.

Last year, the company partnered with Malaysian fashion brand Auri for a traceability project that aims to show that the designer’s clothing is ethically and sustainably sourced.

The investment was led by London-based Trove Capital, which was joined by MFD Holding, Kepler Fund Managers and Casablanca Holding.