Funding from investors in the round included:
Caruso Ventures, e& capital, Dubai Future District Fund, Vision Ventures VC Fund, SRMG, WIN, Elbert Capital, Yasta Partners, Faith Capital, and Panthera Capital
VUZ, the leading immersive social app, that allows users to stream and experience a new level of immersive realism in XR and Metaverse digital experiences, raises $20 million in series B funding led by international investors including Caruso Ventures, Vision Ventures VC Fund, and strategic investors such as e& capital, investment pillar of e& (formerly known as Etisalat Group), DFDF (Dubai Future District Fund), SRMG, and WIN (Webit Investment Network).
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Investors in the round included three strategic funds from Europe including WIN, Elbert Capital, and Yasta Partners. Additional Investors that joined the round are Faith Capital, Panthera Capital, and seven of the existing previous investors followed on. With this round, VUZ is now backed by a mix of investors based in the US and EMEA that will play a major role in supporting VUZ in its international expansion.
VUZ, which was known previously as 360VUZ, bridges the gap between the physical and virtual worlds to offer the biggest premium immersive content library in the world with more than 20,000 hours of immersive content covering entertainment, creators, and sports segments, and XR, VR, and AR experiences from virtually anywhere in the world. VUZ’s vision is bringing people together and connecting the world by providing authentic immersive experiences while removing the constraints of (TTA) Travel, Time, and Access to billions of people around the world.
Khaled Zaatarah, the founder of VUZ, commented: “Our mission is to build a hyperconnected product to teleport, empower, and entertain millions of users globally. We are very thankful to have some of the strongest international investors as part of our journey to build a global social immersive platform while leading the new technology revolution, accelerating the future of media and trends such as the Metaverse, and XR (AR and VR) while building strong sustainable growth.”
The funds will be used to fuel VUZ’s expansion plans in growing its core, accelerate the growth of 10% growth month over month in its recurring subscription revenue, investing in top content, hiring additional key senior hires, new social features, launching Web3 products, NFT projects to own and trade virtual assets derived from the metaverse and scaling with asset-light operations into 8 additional new international markets, following its partnership and integration with 45 Telecom Operators globally. Telecoms are seeing that immersive media is one of the strongest use cases for 5G and it’s the future of video streaming. Funds will also support VUZ to further scale its Los Angeles office and scale with creators and content in the USA, Asia, and Europe.
“Our plans for the future are 10X stronger than what we have been building for the past 6 years. We have built the base and now we are ready for sustainable scalability and growth at a scale-up stage. Special thanks to everyone that believed in us and to every member of our team.” Zaatarah adds.