Kumu raises USD 5 million in Series A funding
Kumu Holdings, creator of the live streaming app Kumu has raised USD 5 million in its Series A funding round. These funds would be used to implement new features and scale up operations.
Kumu’s fundraising gained the interest of the Kickstart Ventures, the corporate VC firm of Globe Telecom, ABS-CBN, and Gobi Core Philippine Fund.
Joan Cybil Yao, Kickstart Ventures VP for investments, notes how Kumu aligns with Globe Telecom’s mission – creating a wonderful experience for both the consumer and businesses.
ABS-CBN’s Head of Business Development Luis Pineda, on the other hand, was impressed with Kumu’s innovation. Furthermore, they at ABS-CBN are optimistic that Kumu can push a new generation of content creators.
Furthermore, Summit Media and Foxmont Capital Partners wanted to remain at the forefront of technology, adopting from print to digital, and now to mobile apps.
The capital raised will be used to scale Kumu’s operation, servicing over 25,000 live streams per day. Furthermore, Kumu has been supporting its live streamers, with over 100 streamers earning at least PHP 20,000 per month.
Additionally, Kumu is also looking to add more features to the app, such as a hybrid AI/community-driven live commerce platform.