Data Vantage: Kumu’s Series C is milestone funding for PH

Philippine live streaming app Kumu Holdings received $25 million from Openspace Ventures and SIG Global last week as part of a Series C round, according to DealStreetAsia – DATA VANTAGE.

The firm is raising at least $73.6 million in equity funding as part of the round. Openspace Ventures contributed close to $10 million, while SIG transferred almost $15 million, show regulatory filings.

Kumu’s Series C round is a significant fundraising milestone in the Philippines where most deals involve early-stage rounds. According to DealStreetAsia’s latest quarterly deal review for Southeast Asia, the top 10 deals inked by Philippine firms in the third quarter were dominated by seed and Series A investments.

It is also noteworthy in the larger context as the median value of Series C rounds for Southeast Asian startups was $37.4 million in the first nine months of the year.

Rising deal valuations

Based on the median value of venture investments in the first nine months, startup valuations in Southeast Asia appear to have surpassed pre-pandemic levels across seed to Series D rounds.

The median value of seed rounds increased by 50% to $1.5 million relative to the same period in 2020 and 2019. Series B round saw the biggest jump as median investment value reached $35.6 million, nearly three times the value in the same period of 2019.

The median value for Series D reached $123.9 million, up 128% year-on-year, partly driven by investments in newly minted unicorns such as Advance Intelligence Group, Nium and Carsome.

Other updates from DATA VANTAGE

Online payment solution provider Red Dot Payment bagged another $2 million from majority shareholder PayU Fintech, the payments and fintech business of Naspers, last week. PayU holds a 72% stake in Red Dot.

Singapore-registered mobile game publisher Potato Play secured $1.27 million from Play Ventures late last week. The startup has secured a total of $5 million so far in October.

Thermal imaging firm Meridian Innovation received $1 million from SEEDS Capital last week as part of an $8 million funding round announced in July. To date, the company has secured $5.7 million.

Qapita Fintech received another $1 million last week from Endiya Partners. The funding followed $13.5 million transferred by various investors earlier this month as part of the company’s $15 million Series A round.

As many as 1.2 million preference shares in Indonesian B2B marketplace Ralali changed hands in secondary transactions last week. The seller was CyberAgent Ventures, which sold the shares to new investors SBI Holdings and BEENEXT and other existing backers.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.