Quick take:
- VUZ has announced a $20 million Series B round to scale its immersive social app.
- The Dubai-based XR and metaverse platform is targeting 3 billion views in 2023.
- The fundraising attracted participation from Caruso Ventures, Vision VC Fund Yasta Partners, Faith Capital, and Panthera Capital, among others.
VUZ has raised $20 million in a Series B round backed by Caruso Ventures, Vision VC Fund, SRMG, Elbert Capital, Yasta Partners, Faith Capital, Panthera Capital, Dubai Future District Fund (DFDF), Webit Investment Network (WIN), and e& capital, investment pillar of e& (formerly known as Etisalat Group), plus seven existing investors.
The Dubai-based extended reality and metaverse social app is looking to scale its growth and viewership in the coming years, with a targeted viewership of 3 billion in 2023. According to the announcement VUZ wants to growth double its user base 2x yearly for the foreseeable future.
The company said it plans to use the funds to accelerate its global growth. VUZ was founded by Khaled Zaatarah, the company’s current CEO. According to Zaatarah, VUZ aims to bridge the gap between physical and virtual worlds with its 20,000+ hours of content covering entertainment, creators, sports, and XR, VR, and AR experiences.
“VUZ’s vision is to connect people by providing authentic, immersive experiences while removing the constraints of travel, time, and access,” said Zaatarah.
Users can also access and engage with live events like concerts, celebrity interviews and masterclasses through the platform’s 360-degree live stream through the VUZ app available on the App Store and Play Store apps.
70% of the content on VUZ is ad-supported and can be accessed for free, whereas the remaining 30% is offered exclusively to paying members at a fee of $4-$8.
VUZ has already put plans in motion to offer immersive content via other platforms including Meta/Oculus headsets, Qualcomm, immersive avatars and a web platform, Zaatarah told TechCrunch.
The company’s expansion strategy includes scaling its LA office and adding to its creator team and content offerings in the U.S., Asia, and Europe.
“Our plans for the future are 10 times stronger than what we have been building for the past 6 years,” added the chief executive. “We have built the base and are now ready for sustainable scalability and growth at a scale-up stage,” Zaatarah added.
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