International investors like Caruso Ventures and Vision VC Fund took part in the fundraising transaction, along with Dubai Future District Fund (DFDF), SRMG, Faith Capital, Panthera Capital, as well as seven existing investors
UAE – VUZ, a UAE-based immersive social app, has secured $20 million in a Series B funding round led by e& capital of e&, formerly known as Etisalat Group, according to a press release.
International investors like Caruso Ventures and Vision VC Fund took part in the fundraising transaction, along with Dubai Future District Fund (DFDF), SRMG, Faith Capital, Panthera Capital, as well as seven existing investors.
In addition, the funding round included the participation of three strategic funds from Europe; Webit Investment Network (WIN), Elbert Capital, and Yasta Partners.
VUZ, which was known previously as 360VUZ, is currently backed by a group of investors in Europe, the Middle East, and Africa (EMEA) region, the US, and the UAE, which will endorse the platform’s expansion plans.
The app will use the investments to accelerate the 10% monthly growth in its recurring subscription revenue, launch Web3 products, and develop non-fungible token (NFT) projects to acquire and trade virtual assets derived from the metaverse.
Moreover, VUZ will use the proceeds of the fundraising to scale up its operations across eight new international markets, following its partnership with 45 telecom operators globally. The funds will also enable VUZ to further expand its business in Los Angeles and team up with creators and content in the USA, Asia, and Europe.
The digital platform aims to bridge the gap between the physical and virtual worlds to provide a premium library with over 20,000 hours of immersive content covering entertainment, creators, sports segments, as well as extended reality (XR), virtual reality (VR), and augmented reality (AR) experiences from virtually anywhere in the world.
Khaled Zaatarah, Founder of VUZ, commented: "Our mission is to build a hyperconnected product to teleport, empower, and entertain millions of users globally."
Zaatarah added: "Our plans for the future are 10 times stronger than what we have been building for the past six years, as we have built the base and now we are ready for sustainable scalability and growth at a scale-up stage."
Kushal Shah, Head of Venture Capital, e& capital, said: "This [funding] is in line with our commitment to collaborate with visionary tech businesses that we believe will contribute to building a better and brighter digital future."
VUZ platform has reached more than 1 billion screen views, with a goal to reach 3 billion screen views in 2023.
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