Verofax is a product twinning SaaS provider, helping brands achieve growth, by turning offline products interactive for immersive experiences & meaningful engagements                                                                                                                                                                                                                                          

Company Stage: Growth Funding

How the story began?

Founded in 2018, Verofax was created to fill the need for a tool that would better connect brands to their customers. We offer brands the opportunity to capture what their consumers demand and create meaningful engagements.

With their proprietary asset digitization and traceability solution, Verofax provides 3 key offerings:

• Traceability as a Service for operational excellence

• Consumer engagement & direct to consumer business models

• Branded digital collectibles for lifetime engagements – Phygital NFTs

We have 4 patents approved and 4 more in the pipeline:

• Secure track and trace blockchain solution

• Computer vision AI for seamless brand interactions

• Retail checkout automation system

• Secure inventory management solution

The company is at the trial stage on pharmaceutical supply chain integrity to improve availability and prevent counterfeiting for a health ministry in Africa.

Our unique solution has received amazing traction from multinational consumer goods companies and government bodies. We recently deployed a consumer engagement and proof of performance based global reward program which delivered unmatched marketing outcomes for the brand. We are now in trial stage on pharmaceuticals supply chain integrity to improve availability and prevent counterfeit for a health ministry in Africa.

Product Description:

An asset digitization and traceability solutions.

It is a SAAS service that generates unique codes for commodity tracing on a subscription basis. Using the code, each product is traced from the point of manufacturing, distribution, marketing, consumer sales, and end of life. (creating digital twins of physical products).

Upon subscription, the merchants can:

- Generate codes for products that are printed at the manufacturing stage

- Stakeholder interaction with the product at different stages for different use cases, including:

      - VAT tax revenue optimization 

      - Counterfeit prevention

      - Supply chain auditability

      - Direct consumer acquisition and engagement

      - Sustainable product validation

Target Audience:

Our target customers are B2B Retail and consumer brands. We have reseller and distribution networks that cover the African, Middle Eastern and Asian markets and we're expanding into North America. 

Revenue streams:

• Onboarding charges starting from $50,000 for corporate accounts

• Customization and integration charges for unique customer needs

• Digital IDs per item charged at $0.01, Budweiser promotion 4B. 

Use of Funds

• USD 375,000 (50%) Sales and Marketing

• USD 225,000 (30%) Research & development

• USD 150,000 (20%) Admin & Ops

Next steps

• Sign agreements that generate an ARR of $10MN

• Expand into the North American market and acquire 25 new clients (CPG brands) by Q2 2023

• Increase staff capabilities on the technical side