Kumu Closes Series B Funding From SIG, Openspace Ventures, PH Conglomerates And Endeavor Catalyst
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Filipino live-streaming app Kumu announced that it closed a Series B funding round to roll out new features in the app and scale its operations.
The round closed less than 12 months after the company announced its Series A in April 2020. In that time, and in the midst of an unprecedented pandemic, Kumu has topped the Google Play rankings in the Philippines, with users spending almost an hour per day on the app. Kumu has established itself as a uniquely dominant social platform in Southeast Asia.
Kumu’s success comes from the intersection of unique content, strong creator engagement, and an active, wholesome community that propels social connections.
“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, Kumu.
The Series B was co-led by SIG, a global investment organization best known for its Seed investment and large institutional shareholding in Bytedance. The round was also co-led by Openspace Ventures.
“Kumu is a much-needed addition to the local media landscape and has democratized content distribution in the Philippines. Our continued support for the company is also a reflection of our strong conviction that the Philippines is at the cusp of a big technological wave,” said Hian Goh, co-founder, and partner, Openspace Ventures.
Kumu’s Series B included returning investors Summit Media, Kickstart Ventures (the corporate VC firm of Globe Telecom), Foxmont Capital Partners, and Gobi-Core Philippine Fund. Joining them were new investors Gentree Fund, the venture vehicle for a prominent Filipino family office behind one of the country's leading consumer-focused conglomerates; and Endeavor Catalyst Fund, the co-investment fund of global nonprofit Endeavor. Notably, the chairman of the Endeavor Catalyst Fund is Reid Hoffman, the founder of the social network platform LinkedIn.
“We are thrilled to back [the kumu team] as we see a huge opportunity for growth in the live streaming space,” remarked Linda Rottenberg, chief executive officer, Endeavor Global. “We believe Kumu will be a multi-billion dollar company someday and will serve as a tremendous example for other aspiring entrepreneurs in the Philippines and Southeast Asia.”
Kumu will use the new infusion to scale its current operations, which have enjoyed tremendous growth over the past year. To date, an estimated 11.2 million registered users around the world watch live streams up to 60 million times per month, with over 100,000 active streamers commanding about one hour of average daily usage for its mostly Gen-Z & Millennial user base.
“At our core, we are a scrappy and ambitious team,” added Dana de la Vega, strategy director, Kumu. “Looking ahead, we are excited to dream even bigger alongside our partners and investors, to further push the boundaries in content creation, and to build the most engaged ‘glokal’ Filipino community on the Internet.”
The startup is also experiencing massive growth in revenue. According to mobile-app performance company App Annie, kumu has been listed as the #1 Top Grossing social app in the Philippines’ Google Play Store, as well as the first Filipino-founded app to rank Top 10 in multiple markets like Canada, Australia, Norway, Hong Kong, and Kuwait. Kumu has also ranked as high as 15 in the United States, the company shared.