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).
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, as 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.
The extended reality immersive platform VUZ reached over 1 Billion Screen Views and is aiming to reach 3 Billion Screen Views in 2023. VUZ provides users and top creators around the world with the latest immersive technologies, different authentic views, and top immersive experiences. Creators’ immersive content collaborations have been one of the core drivers of VUZ where it has top creators with a total reach of over 100 Million globally.
Dan Caruso, Managing Director of Caruso Ventures, an investor, a 3x decacorn entrepreneur, and an avid supporter of entrepreneurship commented: “We are very thrilled for leading the Series B for VUZ, VUZ is uniquely positioned to continue building a global platform and to partner with top telecom operators globally. We will use our deep scale-up experience to support VUZ achieve its global vision.”
Kushal Shah, Head of Venture Capital, e& capital, said “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.”
