UAE VC Funds among strategic investors in the $20 million round for Saudi and UAE Web3 metaverse company
UAE Dubai Future District Fund, e&Capital ( formerly known as etisalat group) as
well as other well renowned VC funds have invested $20 million in Web3 metaverse
social app content provider VUZ. The series B investment
round included international investors such as Caruso Ventures, Vision Ventures
VC Fund, SRMG , Panthera Capital, Faith Capital and Webit Investment network.
In addition to the new investors, VUZ formerly known as 360VUZ is backed by investors such as Knollwood Investment Advisory, AlTouq Group, Impact46, UAE Shorooq Partners, KBW Ventures, Media Visions, Hala Ventures, 500Startups, DAI, Al Falaj, Magnus Olsson, Samih Toukan, Jonathan Labin, DTEC Ventures, Plug and Play Ventures, Al Rashid family and other strategic angel investors.
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 bridges the gap between the physical and virtual worlds to offer 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, stated,
“Our mission is to build a hyper
connected 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.
Zaatarah adds, “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.”
VUZ, an Endeavor global network company
built a lean and scalable business model providing an important revenue mix,
driving value as well as growth and has strong plans to scale its platform.
Some of the mega plans for VUZ is building on its current IOS and Android
social mobile applications are new features such as the video immersive live
chatting, social in-app gifting, social commerce for creators, creators
monetization and gamification plans, XR virtual technology, launching it’s SDK,
scaling on the full ecosystem with META/Oculus and Qualcomm, Immersive Avatars,
as well as launching its Web Platform that is expected to reach 2Bn Screen
Views per year, and its Smart TV platform.
Kushal Shah, Head of Venture Capital,
e& capital, commented “We are excited about investing in a tech company
like VUZ that supports the creation of virtual content as well as enables
futuristic immersive experiences. This 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. We will continue to invest into
the company’s success, partnering with them to help them achieve growth and
enable meaningful progress that moves this digital world forward.”
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