Immersive social mobile app VUZ announced on Thursday that it has raised $20 million in a Series B funding round.
As reported by TechCrunch, the round saw participation from Caruso Ventures, Vision VC Fund, e& capital, WIN, Elbert Capital, Yasta Partners, Faith Capital, Panthera Capital and seven of VUZ’s existing backers.
VUZ, also known as 360VUZ, was founded in 2017 by Khaled Zaatarah with the vision of offering “authentic, immersive experiences while removing the constraints of travel, time, and access.” The app allows users to watch 360° events like concerts, sports, interviews and more. It currently offers over 20,000 hours of content, of which 70% are free. Exclusive content, on the other hand, cost between $4 to $8.
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The company told TechCrunch that it has surpassed more than 1 billion screen views and 10 million users since its launch in 2017. The majority, %44%, of its userbase are located in the Middle East, 32% in the United States, and 24% in Egypt.
VUZ now wants to bring the screen views to 3 billion next year and double the number of its users two times yearly. It’s also planning to expand its product to different platforms including web, Meta’s VR headsets and Qualcomm.
In addition, the funding money will also be used to boost its monthly recurring revenue by 10%, create new features, make investments in content, grow its team, create web3 and NFT projects, and expand its business to 8 new markets. The company also said that the funding will help expand its LA office which was opened earlier in February.
“Our plans for the future are 10 times stronger than what we have been building for the past six years,” said the CEO and founder Zaatarah. “We have built the base and are now ready for sustainable scalability and growth at a scale-up stage,” he added.