A Saudi venture capital firm has led a funding round for a UAE-based startup offering an immersive video app.
KBW Ventures helped raise $5.8 million in series A capital for 360VUZ, which will be used to help the app developer expand its sales base to Asia, Europe and North America. Other Mena-based venture capital firms that participated included Shorooq Partners, Hala Ventures and 500 Startups.
The size of KBW’s investment was not disclosed but it is the firm’s first investment in a UAE-based technology startup.
The deal may have been sparked by the increased interest in video-based technology since the coronavirus pandemic restricted people around the world to their own homes. According to 360VUZ, its app has enjoyed a 297% increase in user engagement during the last 30 days.
In addition, technology market intelligence firm, IDC, forecasts that worldwide spending on augmented and virtual reality products will reach $18.8 billion by the end of 2020 with consumer spending accounting for $7 billion.
© 2020 funds global mena