Philippine Live Streaming Platform Kumu Secures Series C Funding

Filipino social entertainment platform Kumu announced raising a Series C funding led by global private equity major General Atlantic with existing investors Openspace and SIG also participating. The amount of the funding was not disclosed but Kumu said it was one of the largest equity financings to date for a Filipino startup and also marks General Atlantic’s first investment in the Philippines. The transaction brings the startup’s total funding to over US$100m.

Expansion and Vision

Sandeep Naik, Managing Director and Head of India & Southeast Asia at General Atlantic, said they believe that there is “an immense digital opportunity” that exists in the Philippines. “We are thrilled to partner with Roland, Rexy, and the driven team at Kumu as they focus on empowering creators and transforming the Filipino digital ecosystem,” he said in a statement. Roland Ros, Kumu’s founder and CEO, said they are thrilled to take on the challenge of creating a consumer internet champion in the Philippines.

Rex Dorado, president and co-founder of Kumu, said they are excited to put the new capital to work by investing not only in the best Filipino content, but making the platform as a “home for groundbreaking, innovative content formats that blur the line between content consumption and content creation”.

Platform Growth and Features

Launched in 2018 as a live streaming app, Kumu has since amassed a base of over 10 million registered users and counting from over 55 countries. The platform is driven by tools like virtual gifting, advertising, and e-commerce, which allow content creators to convert engagement into income. Kumu boasts user-generated live chats as well as company-produced interactive game shows like Quiz Mo Ko and Pinoys Doing Stuffs. Globally, Kumu has been recognized as a “Disneyland of social media” enforcing authenticity, positivity, and safety through its community-driven content moderation system.

Investment History

Regarding previous rounds, Kumu has consistently attracted significant interest from international and local investors. In 2020, Kumu raised a Series A led by Openspace Ventures, the Singapore-based regional venture capital firm that led the Series A in Gojek. Earlier in 2021, the company announced its Series B co-led by Susquehanna International Group (SIG), an early investor in Bytedance as well as Middle East audio streaming app Yalla and real-time engagement platform Agora. Furthermore, Summit Media has taken a minority stake in the app, with Lisa Gokongwei-Cheng, Summit Media’s president and CEO, stating, “Our investment in Kumu is an important addition to our portfolio.”

Kumu Funding Milestones

Strategic Partnerships

As the country’s leading digital lifestyle network, Summit Media’s investment highlights the app's rapid gain in interest among millennial and Gen Z audiences. Roland Ros added, “We are very excited about our partnership with Summit. Clearly, there are a lot of synergies with its portfolio of strong digital brands with loyal audiences."