Kumu, a live-streaming app based in the Philippines, today announced that it has raised an undisclosed Series B funding round co-led by SIG, who is also a shareholder in ByteDance, and Openspace Ventures.
The funding round included existing investors Summit Media, Kickstart Ventures, Foxmont Capital Partners, and Gobi-Core Philippine Fund.
It also introduced new investors Gentree Fund, the venture vehicle of HM Investment Management, and Endeavor Catalyst Fund by the global non-profit Endeavor.
In a press statement, Kumu stated that it will use the new funding to scale its current operations. The startup said that it has experienced “tremendous growth” over the past year when it topped the Google Play rankings in the Philippines, with users spending almost an hour per day on the app.
“Our success lies in our ability to focus on Kumu partners and users, connecting them in creative ways,” says Angelo Mendez, Chief of Content and Co-Founder of Kumu.
In April 2020, Kumu announced its Series A funding round. This funding round included an investment from Gobi-Core Philippine Fund (GCPF), a US$10 million fund jointly formed by Gobi Partners and Philippine VC firm Core Capital.
The company raised its US$1.2 million seed funding round in 2018. The funding was led by Summit Media, with a personal angel investment from the company’s president and CEO Lisa Gokongwei-Cheng.
Kumu has recently made announcements of high-profile hires in the company. On June 8, the startup announced the appointment of Crystal Widjaja as its new Chief Product Officer. Widjaja is known as the Chief of Staff and SVP of Growth at Gojek, in addition to being Entrepreneur-In-Residence at Silicon Valley growth school Reforge.
In May, the company also announced the appointment of Chief Growth Officer Alex Tshering, former SVP of newly listed apparel brand FIGS.
Mark Velasquez, former Director at ING Philippines and Vice President at Credit Suisse, was named as CFO in April.
Live streaming continues to gain traction in various markets around the world, including Southeast Asia. In this contributed post to e27, Kay Banzon wrote that a Market Research Future report projected that the live streaming market will be valued at US$247.3 billion by 2027.
“This expansion is attributed to the rise of various social media platforms and the growing interest and involvement of content producers and consumers worldwide,” she said.
Image Credit: Kumu
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