The Philippines-based live-streaming app Kumu announced that it has raised an undisclosed amount of funding in its Series B round co-anchored by ByteDance shareholder SIG and Singapore-headquartered venture capital firm Openspace Ventures.
The official announcement confirms DealStreetAsia’s report in March that the startup was finalising a $15 million Series B funding round backed by Openspace Ventures and a “blue chip” strategic investor.
Kumu said existing investors Summit Media, Kickstart Ventures, Foxmont Capital Partners, and Gobi-Core Philippine Fund have participated in the funding round. New investors Gentree Fund, and Endeavor Catalyst Fund also chipped in.
The startup, co-founded by Rexy Josh Dorado and Roland Ros, said it will use the new funding to scale its current operations, grow its wallet share, boost its local content, and expand its creator base. 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, which caters mainly to the Philippine market and Filipinos working or living abroad, raised around $4-5 million in its Series A funding round, which was led by Openspace Ventures, in April 2020.
ING Labs spin-out Stemly nets $2.5m
Software-as-a-Service (SaaS) startup Stemly, a spin-out of ING Singapore’s startup incubator, has secured $2.5 million in seed funding from Elev8, ING Ventures, and EDB New Ventures.
Stemly has developed a platform that automates forecasting in supply chain operations and finance processes. The platform addresses the gap in the industry, where the average forecasting error is more than 27% and response to market changes in consumer behaviour usually takes three weeks or more.
The startup said it can enhance the decision-making capabilities of enterprises by demystifying data science and delivering business outcomes through its autonomous machine learning technology.
“Stemly empowers managers to make better and faster decisions in demand forecasting, inventory optimisation, and cash flow management, ultimately reducing their operating costs and improving their operational efficiency,” said co-founder and co-CEO Sanjay Saini.
SOUTHEAST ASIA DEAL MONITOR
DealStreetAsia has also put together a table listing out prominent venture capital transactions in Southeast Asia in the week beginning June 7.
|Startups||Headquarter||Investment Size||Investment Stage||Lead Investor(s)||Other Investor(s)||Industry / Verticals|
|Qlue Performa||Indonesia||KDDI||Smart City Platform|
|Alodokter||Indonesia||MDI Ventures, Samsung Ventures||Healthtech|
|MooVita||Singapore||Series A||Yinson Green Technologies||SMRT Ventures||Mobility / AV Tech|
|Stemly||Singapore||$2,500,000||Seed||Elev8, ING, EDB New Ventures||Software|
|Float Foods||Singapore||$1,700,000||Insignia Ventures Partners, DSG Consumer Partners.||Apricot Capital, Baksh Capital, Teja Ventures, Ebb & Flow, Water Tiger Investments, Agrocorp Ventures, Innovate 360||Foodtech|
|Wagely||Indonesia||$5,600,000||Integra Partners||ADB Ventures, Triputra Investindo Arya, Global Founders Capital, Trihill Capital||Fintech|
|Autopair||Thailand||Pre-Series A||ADB Ventures, Triputra Investindo Arya, Global Founders Capital, Trihill Capital||Software|
|AiHealth||Vietnam||Pre-Series A||TNBA Vietnam Scout||Healthtech|
|BondEvalue||Singapore||$6,000,000||Series A||MassMutual Ventures Southeast Asia, Citigroup||Potato Productions, Octava||Fintech|
|Naluri||Malaysia||$5,000,000||Series A||Integra Partners||Duopharma Biotech, Pathology Asia, M Venture Partners||Healthtech|
|T32 Dental Group||Singapore||EDBI||Dentaltech|
|Kumu||Philippines||Series B||SIG, Openspace Ventures||Summit Media, Kickstart Ventures, Foxmont Capital Partners, Gobi-Core Philippine Fund, Gentree Fund, Endeavor Catalyst Fund||Live Streaming|
|BukuWarung||Indonesia||$60,000,000||Series A||Valar Ventures, Goodwater Capital||Fintech|
|Osome||Singapore||$16,000,000||Series A||Target Global, AltaIR Capital, Phystech Ventures, S16VC||Fintech|
|Intrepid||Singapore||$11,000,000||Series B||Mirabaud Asset Management||Vulpes Investment Management, Thakral||Ecommerce|