Livestream app Kumu raises $5M to scale up operations

Kumu Holdings Pte. Ltd., the firm behind live streaming application Kumu, has raised some $5 million in a Series A funding round to scale up its operations.

In a statement, Kumu said the offering was led by Singaporean venture capital firms Openspace Ventures, and attracted participation from Ayala Group's Kickstart Ventures, the Gokongwei Group, Gobi Core Philippine Fund, and ABS-CBN Corp.

"Kumu will be using the new capital to scale up its current operations, which has enjoyed unprecedented growth in recent months," the company said.

According to Kumu, which currently has 3 million registered users, the fresh capital will also be used to roll out new features for its application.

This includes a hybrid artificial intelligence / community-driven live commerce platform that will allow users to purchase products while watching content.

"We’re excited to see how our Kumu Livestreamers use this platform to better engage with their followers," Kumu co-founder Roland Ros said.

"The more we empower our creators to drive the digital influence of e-commerce in the Philippines, the more we empower consumers, fintech players, and logistics companies to participate in the digital marketplace of our motherland," he added. —LDF, GMA News