We Got Funded: Video Streaming App 360VUZ Raises US$5.8 Million In Series A Funding Round
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UAE-based live streaming and video mobile app 360VUZ has successfully raised US$5.8 million in a Series A round led by Shorooq Partners, along with KBW Ventures, Media Visions, Vision Ventures, Hala Ventures, 500 Startups, and other global investment firms. Strategic investors also joined including Magnus Olsson, co-founder of Careem, Samih Toukan, founder of Maktoob and Jabbar Internet Group, and Jonathan Labin, Facebook’s former MD of Middle East, North Africa and Pakistan.
Launched in 2017 by founder and CEO Khaled Zaatarah, 360VUZ is an immersive video app that allows users to be virtually present in live events, concerts, sports, conferences and experiences using its 360-degree live streams. With offices in Dubai, Los Angeles and Riyadh, the startup has worked with a number of prominent clients including Dubai Government Media Office, Choueiri Group, Samsung, OMD, du, Bentley, Zain, Dubai Film and TV Commission and more. According to a statement, the app has connected users in more than 15 countries, with a user engagement increase of “more than 571% in 2019 in comparison to the previous year.”
And with the new capital infusion, the startup is gearing up for growth. Zaatarah reiterates the company’s mission of connecting people around the world and their ambition for more. “Our team is determined to keep on innovating and keeping users at the core by focusing hugely on personalization and continuing our global roll out to more cities in Asia, Europe and USA. We see the demand on our immersive and VR content increasing and we are excited to keep on innovating in the VR, AR and live virtual video space.”
Commenting on the round, Shane Shin, Founding Partner at Shorooq Partners commends the startup’s global trajectory: “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." This also marks as the first Middle East tech investment of HRH Prince Khaled bin Alwaleed bin Talal Al Saud, founder and CEO of KBW Ventures. Previous investors include Al Touq Group, DTEC Ventures, Plug and Play Ventures, Al Rashid family angel investors, Tareq Jalabi and Mohanad Alwadiya.
The round brings the startup’s total amount raised to $7 million to date. And with the new investment, the startup plans to enable further development of the immersive video app tech, offer more personalized experiences with additional proprietary tech, while also scaling the business and expanding its global reach.