360Vuz, the virtual reality startup in the Middle East, announced that it had raised an undisclosed round of venture capital led by Dubai Silicon Oasis Authority, and several angel investors among them public figures in the media industry and businessmen in the region.
The company stated that the new capital will be used to accelerate its growth plans, continue to build its team, further invest in marketing and technology, and enhance its user experience.
360Vuz is a virtual reality 360 Video app in the region featuring exclusive content of events, experiences, behind the scenes and destinations.
360Vuz has partnerships with Dubizzle, Flash Entertainment, Dubai Government, Apple, Samsung, and Zain. Their mobile app has attracted over 350,000 users in less than eight months since launch.
“This is only the start,” said Khaled Zaatarah, the founder of 360Vuz. He added that “The 360Vuz team and the investors believe that virtual reality is the next computing and media platform. It’s an emerging technology and we are committed to maintain our leadership to touch the lives of millions of people around the world and help them travel in time virtually”.
A recent Goldman Sachs report predicts virtual reality and augmented reality growth is expected to reach over a $120 billion industry by 2020.
Feature image, Khaled Zaatarah holding his company's VR device, via 360Vuz.