Vuz, a UAE-based social app that allows users to stream and experience immersive realism in extended reality (XR) and enjoy metaverse digital experiences, has secured $20 million in a series B funding round that will pave the way to expand in new markets and boost growth.
The company will also use the funding to develop new products, hasten the growth of its recurring subscription revenue and hire new staff, data platform Magnitt reported on Friday, quoting Vuz.
The funding was led by Caruso Ventures, the Vision Ventures VC Fund, e& capital, the Dubai Future District Fund, SRMG and the Webit Investment Network.
Elbert Capital, Yasta Partners, Faith Capital, Panthera Capital and seven of the existing previous investors also participated in the funding round, the company said.
“Our plans for the future are 10 times stronger than what we have been building for the past six years,” Vuz founder Khaled Zaatarah said.
“We have built the base and now we are ready for sustainable scalability and growth at a scale-up stage.”
The XR market size is expected to reach $125.2 billion by 2026, from $33bn in 2021, according to a research report by Markets and Markets.
The global metaverse industry, which was valued at $47.69bn in 2020, is projected to grow at a compound annual rate of 43.3 per cent to $828.95bn in 2028, according to Emergen Research.
_________________
Watch: Dubai holds world's first metaverse assembly
The metaverse is the emerging digital space in which people, represented by avatars or three-dimensional representations of themselves, can interact in virtual worlds.
The company's “vision is to bring people together and connect the world by providing authentic immersive experiences while removing the constraints of travel, time and access to billions of people around the world”, Vuz, which was previously known as 360Vuz, said.
The start-up is planning to build on its current iOS and Android social mobile applications with new features, as well as launch its web and smart TV platforms.
It will also further scale up operations at its office in Los Angeles to boost growth.
“We are excited about investing in a tech company like Vuz that supports the creation of virtual content, as well as enables futuristic immersive experiences,” said Kushal Shah, head of venture capital at e& capital, the new investment unit of e&, formerly known as the Etisalat Group.
“This is in line with our commitment to collaborate with visionary tech businesses that we believe will contribute to building a better and brighter digital future.”
Venture capital funding for start-ups in the Mena region rose by 20 per cent annually to more than $2.3bn in the first three quarters of 2022, according to a recent report by Magnitt.
The UAE has been leading the venture capital ecosystem in the Mena region, raising more than $840m in the first nine months of the year.
WHAT FANS WILL LOVE ABOUT RUSSIA
FANS WILL LOVE
Uber is ridiculously cheap and, as Diego Saez discovered, mush safer. A 45-minute taxi from Pulova airport to Saint Petersburg’s Nevsky Prospect can cost as little as 500 roubles (Dh30).
FANS WILL LOATHE
Uber policy in Russia is that they can start the fare as soon as they arrive at the pick-up point — and oftentimes they start it even before arriving, or worse never arrive yet charge you anyway.
FANS WILL LOVE
It’s amazing how active Russians are on social media and your accounts will surge should you post while in the country. Throw in a few Cyrillic hashtags and watch your account numbers rocket.
FANS WILL LOATHE
With cold soups, bland dumplings and dried fish, Russian cuisine is not to everybody’s tastebuds. Fortunately, there are plenty Georgian restaurants to choose from, which are both excellent and economical.
FANS WILL LOVE
The World Cup will take place during St Petersburg's White Nights Festival, which means perpetual daylight in a city that genuinely never sleeps. (Think toddlers walking the streets with their grandmothers at 4am.)
FANS WILL LOATHE
The walk from Krestovsky Ostrov metro station to Saint Petersburg Arena on a rainy day makes you wonder why some of the $1.7 billion was not spent on a weather-protected walkway.
MATCH INFO
Maratha Arabians 107-8 (10 ovs)
Lyth 21, Lynn 20, McClenaghan 20 no
Qalandars 60-4 (10 ovs)
Malan 32 no, McClenaghan 2-9
Maratha Arabians win by 47 runs
Story%20behind%20the%20UAE%20flag
%3Cp%3EThe%20UAE%20flag%20was%20first%20unveiled%20on%20December%202%2C%201971%2C%20the%20day%20the%20UAE%20was%20formed.%C2%A0%3C%2Fp%3E%0A%3Cp%3EIt%20was%20designed%20by%20Abdullah%20Mohammed%20Al%20Maainah%2C%2019%2C%20an%20Emirati%20from%20Abu%20Dhabi.%C2%A0%3C%2Fp%3E%0A%3Cp%3EMr%20Al%20Maainah%20said%20in%20an%20interview%20with%20%3Cem%3EThe%20National%3C%2Fem%3E%20in%202011%20he%20chose%20the%20colours%20for%20local%20reasons.%C2%A0%3C%2Fp%3E%0A%3Cp%3EThe%20black%20represents%20the%20oil%20riches%20that%20transformed%20the%20UAE%2C%20green%20stands%20for%20fertility%20and%20the%20red%20and%20white%20colours%20were%20drawn%20from%20those%20found%20in%20existing%20emirate%20flags.%3C%2Fp%3E%0A
A Cat, A Man, and Two Women
Junichiro Tamizaki
Translated by Paul McCarthy
Daunt Books
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Skoda Superb Specs
Engine: 2-litre TSI petrol
Power: 190hp
Torque: 320Nm
Price: From Dh147,000
Available: Now
Islamophobia definition
A widely accepted definition was made by the All Party Parliamentary Group on British Muslims in 2019: “Islamophobia is rooted in racism and is a type of racism that targets expressions of Muslimness or perceived Muslimness.” It further defines it as “inciting hatred or violence against Muslims”.
What are the influencer academy modules?
- Mastery of audio-visual content creation.
- Cinematography, shots and movement.
- All aspects of post-production.
- Emerging technologies and VFX with AI and CGI.
- Understanding of marketing objectives and audience engagement.
- Tourism industry knowledge.
- Professional ethics.
Farage on Muslim Brotherhood
Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
"We will stop dangerous organisations with links to terrorism operating in our country," he said. "Quite why we've been so gutless about this – both Labour and Conservative – I don't know.
“All across the Middle East, countries have banned and proscribed the Muslim Brotherhood as a dangerous organisation. We will do the very same.”
It is 10 years since a ground-breaking report into the Muslim Brotherhood by Sir John Jenkins.
Among the former diplomat's findings was an assessment that “the use of extreme violence in the pursuit of the perfect Islamic society” has “never been institutionally disowned” by the movement.
The prime minister at the time, David Cameron, who commissioned the report, said membership or association with the Muslim Brotherhood was a "possible indicator of extremism" but it would not be banned.
