VUZ, located in Dubai, has raised $12 million to grow its business in Saudi Arabia, the UAE and other countries such as Africa, Asia and the United States.
CrossWorks Mobile Software AG was included in the Pre-Series C round by IFC, Al Jazira Capital, CrossWork VC and notable Saudi family offices, as well as other major investors.
VUZ was created by Khaled Zaatarah and allows viewers to watch events such as football matches, fashion shows, concerts and red-carpet ceremonies from every angle using 360-degree video. Netflix works on smartphones, computers, TVs and now on VR, including Apple Vision Pro and Oculus.
Zaatarah noted that the attention of IFC was a sign of significant belief in our business: “They pick only emerging markets and our quick and steady growth in our content and creators caught their attention. The company is now in a position to expand its activities around the world
This is unusual for the IFC which mostly invests in bank and project funding. The support demonstrates a higher confidence in how the “immersive internet” will affect online interactions.
VUZ, earlier titled 360VUZ, is making an impact in an industry ruled by YouTube, TikTok and Instagram. Its main appeal is created by offering exclusive and engaging experiences. The company has obtained the rights to broadcast La Liga and the Professional Fighters League (PFL) events online.
The company, with more than 100 content creators and reach to over 100 million people, hopes to build a bridge between the digital world and what happens in the real world.
Earlier this year, the startup raised $20 million during its Series B round.
