Gobi-Core Philippine Fund has invested an undisclosed amount in live streaming platform Kumu while Singapore Solidary Fund, which is under AMTD Asean Solidarity Fund Group, has backed five fintech companies.
Gobi-Core invests in PH live streaming platform Kumu
Gobi-Core Philippine Fund, the $10-million fund established by venture capital firms Gobi Partners and Core Capital, has announced an investment in Kumu, a local live streaming platform, marking the fund’s third investment since its launch in 2018.
Details of the investment were not disclosed. Kumu will join eduction startup Edukasyon.ph and insurtech startup MariaHealth in the portfolio of Gobi-Core, which seeks to invest in seven local startups by 2021.
Kumu has become one of the fastest rising Philippine startups in the last two years. Its user base has more than doubled since the start of the year, surpassing the five-million mark last month.
Gobi-Core Philippine Fund was launched in 2018 to give Philippine-based startups access to Gobi’s regional platform. The fund seeks to support seed-stage and pre-Series A startups in the Philippines.
AMTD completes $6.4m investment in five fintech firms
AMTD Singapore Solidary Fund announced that it has completed its first batch of investments in five innovative financial technology companies, with a total of S$8.6 million ($6.4 million) in funding.
The fund is part of AMTD ASEAN Solidarity, which was jointly established by AMTD Digital, AMTD Charity Foundation, and the ASEAN Financial Innovation Network.
The five selected companies in the first batch of the investments include Funding Societies, a SME digital financing platform in Southeast Asia; Active.ai, a platform that offers cloud-based Conversational AI, helping financial institutions redefine their customer services and automate process; Cardup, a credit card enablement platform; Transwap, a cross-border payments platform for regional businesses; and insurtech startup PolicyPal.
The five firms will receive financial support and access to AMTD’s digital platform. Additionally, they will have access to AMTD’s SpiderNet ecosystem that allows them to connect with founders in Southeast Asia, the Greater Bay Area, and the rest of Asia.