UAE media platform VUZ secures $12mln from World Bank's IFC
The World Bank's International Finance Corporation (IFC) is investing in the $12 million funding round for UAE-based immersive media company VUZ.
Proceeds of the Pre-Series C fundraising, which also drew support from Al Jazira Capital and Crosswork VC Success fund, will finance the company's global expansion in immersive live streaming, AI-driven streaming technologies and live spatial experiences.
IFC manages more than $1 trillion in assets with the World Bank Group, operating in over 100 countries. It said that its investment is in line with its goal of promoting digital inclusion and economic growth through media innovation.
The platform, which posted an 80% year-over-year increase in gross profit in 2024, intends to expand in Saudi Arabia and the UAE, as well as Africa, United States and Asia.
(Writing by Cleofe Maceda; editing by Seban Scaria)
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