PH live streaming app Kumu confirms General Atlantic-led Series C funding

Photo taken at the inaugural kumucon event held in Las Vegas, Nevada, USA last October 14-15, 2021.

Kumu, a Philippines-based live streaming app, on Wednesday announced that it has raised a Series C funding round led by US private equity giant General Atlantic, confirming an earlier report by DealStreetAsia.

The announcement did not disclose the amount raised in the latest funding round. Regulatory filings accessed by DealStreetAsia – DATA VANTAGE, however, showed that Kumu has so far secured $73.6 million in equity funding.

General Atlantic committed $38.86 million to the round, according to the startup’s filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).

ACRA filings only reflect the equity funding secured by a company so far. The overall round could be larger and have other components such as debt.

The deal marks General Atlantic’s first investment in the Philippines.

“We believe an immense digital opportunity exists in the Philippines, a market that is hungry for content and ripe for disruption,” said Sandeep Naik, managing director and head of India & Southeast Asia at General Atlantic. Naik will be joining Kumu’s board following the investment.

The funding round was joined by Kumu’s existing investors, including ByteDance backer SIG, Openspace Ventures, Kickstart Ventures, Gentree Fund, Endeavor Catalyst, Gobi-Core Fund, and Foxmont Capital Partners.

The startup issued Series C convertible preference shares to these investors at $8.16 apiece.

“We are excited to put this new capital to work by investing not only in the best Filipino content, but beyond that, making Kumu the home for groundbreaking, innovative content formats that blur the line between content consumption and content creation,” said Kumu co-founder Rexy Josh Dorado.

The startup had earlier raised $15 million in a Series B round in April this year, which was first reported by DealStreetAsia.

It was launched in 2018 as a live streaming app and claims to have amassed a base of over 10 million registered users in over 55 countries. Its business model is driven by tools such as virtual gifting, advertising, and e-commerce, which allow content creators to convert engagement into income.

The live streaming startup caters mainly to the Philippine market and Filipinos working or living abroad. Some 12 million Filipinos live and work across countries like the US, Canada, Saudi Arabia, United Arab Emirates (UAE), Hong Kong, Japan, and Singapore.

The startup had earlier said many of these overseas Filipinos have turned to Kumu as a way to stay in touch with family and friends back home and comprise one of its strongest revenue generators.

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.