News

KBW Ventures invests in UAE video app

Start-upA 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

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