RIYADH: UAE-based content library app VUZ has secured $20 million in series B funding to fuel its expansion plans.
As well as launching new products, the moves also include scaling into eight additional new international markets, following its partnership and integration with Telecom Operators globally, MAGNiTT reported.
VUZ, which covers entertainment, creators, and sports segments, is also planning to further scale its Los Angeles office and scale with creators and content in the USA, Asia, and Europe.
“Our plans for the future are 10X stronger than what we have been building for the past six years. We have built the base and now we are ready for sustainable scalability and growth at a scale-up stage,” Khaled Zaatarah, the founder of VUZ said in a statement.
The round was led by Caruso Ventures, Vision Ventures VC Fund, and strategic investors e& capital, Dubai Future District Fund, SRMG, and Webit Investment Network.
Strategic funds from Europe including WIN, Elbert Capital, and Yasta Partners. Additional Investors included Faith Capital, Panthera Capital also participated in the round.
The UAE has been leading the VC ecosystem in the Middle East and North Africa region, raising over $840 million in the first nine months of the year, according to MAGNiTT's UAE Q3 2022 Venture Investment Report.
The funding share for $20 million plus rounds dipped slightly this year and was also reflected in the decline in the mean round sizes in the UAE, MAGNiTT said.