VUZ, a pioneering immersive social app, has successfully raised $12 million in a recent funding round. This investment aims to enhance the platform’s immersive video experiences across emerging markets and the United States.
Bridging Physical and Virtual Realms
Formerly known as 360VUZ, VUZ offers a vast library of over 20,000 hours of premium immersive content. This includes entertainment, creator-driven material, and sports coverage, utilizing technologies such as Extended Reality (XR), Virtual Reality (VR), and Augmented Reality (AR). The platform’s mission is to connect individuals worldwide by providing authentic immersive experiences, effectively eliminating barriers related to travel, time, and access.
Strategic Investment for Global Expansion
The $12 million funding round was led by prominent international investors, including Caruso Ventures, Vision Ventures VC Fund, and strategic partners like e& capital (formerly Etisalat Group), Dubai Future District Fund (DFDF), SRMG, and Webit Investment Network (WIN). Additional participants included Elbert Capital, Yasta Partners, Faith Capital, Panthera Capital, and several existing investors. This diverse group of backers positions VUZ to accelerate its international growth and innovation efforts.
Founder’s Vision and Future Plans
Khaled Zaatarah, the founder and CEO of VUZ, expressed his enthusiasm for the new investment, stating, 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 XR (AR and VR) while building strong sustainable growth.
The newly acquired funds will be utilized to:
– Enhance the platform’s core offerings.
– Achieve a 10% month-over-month growth in recurring subscription revenue.
– Invest in high-quality content.
– Recruit key senior personnel.
– Develop new social features.
– Launch Web3 products and NFT projects.
– Expand operations into eight additional international markets.
These initiatives align with VUZ’s partnerships and integrations with 45 telecom operators worldwide, highlighting the growing significance of immersive media as a key application for 5G technology and the future of video streaming.
Scaling Operations and Market Reach
VUZ has already achieved over 1 billion screen views and aims to reach 3 billion by 2023. The platform provides users and top creators with cutting-edge immersive technologies, offering diverse and authentic experiences. Collaborations with creators have been instrumental in driving content, with top creators amassing a global reach exceeding 100 million.
The company plans to scale its Los Angeles office and expand collaborations with creators and content in the U.S., Asia, and Europe. This strategic growth underscores VUZ’s commitment to becoming a global leader in immersive social experiences.
Investor Confidence and Support
Dan Caruso, Managing Director of Caruso Ventures and a seasoned entrepreneur, commented on the investment, stating, 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 at e& capital, added, 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.
Recognition and Industry Impact
In December 2022, VUZ was honored with the Tech Company of the Year Award at the Tech Entrepreneur Awards in Dubai. This accolade reflects the company’s rapid growth and significant contributions to the immersive media landscape.
Conclusion
With the recent $12 million funding, VUZ is poised to revolutionize the immersive video experience landscape. By bridging the gap between physical and virtual worlds, the platform aims to provide unparalleled experiences to users globally, solidifying its position as a leader in the immersive social app domain.
