360VUZ raises $5.8 million in Series A
UAE-based virtual reality (VR) mobile app 360VUZ, has secured $5.8 million in a Series A investment round led by Shorooq Partners with participation from KBW Ventures, Media Visions, Vision Ventures, Hala Ventures, 500Startups.
Other investors included Careem founder Magnus Olsson and Maktoob founder Samih Toukan along with Jonathan Labin, the former managing director of Facebook Middle East.
“We are on a mission to help connect people around the globe by building a hyperconnected world while offering full control and authenticity,” said Khaled Zaatarah, founder and chief executive officer (CEO) at 360VUZ. “We are expanding the ability of every individual to teleport and connect with people and experiences virtually while removing the constraints of travel, time, and access. Today more than ever, we understand that building a hyperconnected world is vital, and it is solving one of the major problems that the entire world is facing right now.”
The investment will help the company further its global expansion and develop its immersive video app technology.
“None of this would be possible without the tireless efforts of our team in addition to our partners who put 360VUZ on the global map,” said Zaatarah. “Our team is determined to keep on innovating and keeping users at the core by focusing hugely on personalisation and continuing our global roll out to more cities in Asia, Europe and the USA. We see the demand on our immersive and VR content increasing and we are excited to keep on innovating in the VR, AR [augmented reality] and live virtual video space."
“360VUZ reflects the true spirit of innovation. It is not only a regional, but also a global pioneer in the immersive video streaming space and we are truly privileged to join this exciting journey. By forging strong partnerships with telcos, the company has been able to rapidly scale into pivotal markets. Even during these difficult times of COVID-19, 360VUZ has continued to prove its value as an entertainment provider with massive growth in user engagement,” said Shane Shin, founding partner at Shorooq Partners.
This latest funding round brings the startup’s total funding raised to date to $7 million.