PH live streaming app Kumu secures $73.6m so far in General Atlantic-led Series C

Photo from Kumu's social media page.

Philippines-based live-streaming app Kumu has secured $73.6 million in equity funding so far as part of a Series C round led by US private equity giant General Atlantic, according to regulatory filings accessed by DealStreetAsia – DATA VANTAGE.

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

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.

Kumu's ACRA filing
Source: Kumu’s ACRA filing

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.

As part of the latest financing, Kumu is appointing Sandeep Naik, managing director and head of India & Southeast Asia at General Atlantic, to its board.

Another ACRA filing shows that Kumu is also raising debt from San Francisco-headquartered Pollen VC, a mobile app and game developers-focused venture investor. It is unclear how much the startup plans to raise and whether the debt funding is part of its Series C round.

Kumu, co-founded by Rexy Josh Dorado and Roland Ros, had earlier raised $15 million in a Series B round in April this year, which was first reported by DealStreetAsia. The round was backed by SIG Global, Openspace Ventures, Gentree Fund, Kickstart Ventures, Summit Media, Gobi-Core Philippine Fund, Endeavor Catalyst, and Foxmont Capital.

The live streaming startup raised around $4-5 million in its Series A funding round, which was led by Openspace Ventures, in April 2020.

Kumu has grown its content creator base from 65 to 1,000 over the last year while its monthly active users grew from 500,000 to 2 million since its launch on Android and iOS devices in February 2018.

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.

Kumu’s latest funding round is one of the major funding rounds in the Philippines, a country that lags regional peers in venture capital investments.

In Q3 of this year, startups in the Philippines raised $92 million from 22 deals, with early-stage deals dominating the funding activities, according to DealStreetAsia’s SE Asia Deal Review: Q3 2021.

Major deals in the country during the quarter include the $30-million Series A of online grocery startup MetroMart; $12.5-million venture funding of crypto exchange firm PDAX; Mineski Global’s $10.6-million Series A funding; $7.7-million seed funding in Saber Labs; and the $5-million seed investment in B2C e-commerce startup Edamama.

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.