Philippine livestreaming app Kumu nets $5m in Openspace-led round

Philippine livestreaming app Kumu announced that it has raised US$5 million in a series A funding round led by Openspace Ventures.

Local investment firm Kickstart Ventures, media conglomerate ABS-CBN Corporation, Summit Media, Gobi-Core Philippine Fund, and VC firm Foxmont Capital Partners also participated in the round.

This is Openspace’s second portfolio company from the Philippines, after its investment in fashion ecommerce platform BeautyMNL.

Photo credit: Kumu

Kumu plans to use the new funds to scale up its operations and launch new features. The company said it recently reached 3 million registered users and is experiencing revenue growth, without providing specific figures. It also claims that over 100 Kumu livestreamers now earn at least 20,000 pesos (or nearly US$400) each month from streaming original content on its platform.

“As the rise of global interactive platforms such as Tik Tok and livestreaming apps gain acceptance with the younger generation, there remains a significant gap for local content and hyperlocal networks,” said Openspace co-founder and partner Hian Goh, adding that Kumu is serving a population of 103 million young and internet-savvy Filipinos.

As for the new features, Kumu said it will be rolling out an AI- and community-driven live commerce platform. This will allow fans to purchase products while watching livestreamers, giving content creators more opportunities to earn from their streams, according to a statement.

“Our livestream ecommerce pilot generated almost 300 product purchases in a 10-minute period,” said Kumu co-founder Roland Ros. “The more we empower our creators to drive the digital influence of ecommerce in the Philippines, the more we empower consumers, fintech players, and logistics companies to participate in the digital marketplace of our motherland.”

With the backing of ABS-CBN, one of the major TV networks in the Philippines, Kumu may also see wider reach.

“With this app [Kumu], we envision a new era for our shows, game shows, and ABS-CBN talents, wherein fresh ideas and live interaction can serve our audience best,” ABS-CBN’s head of business development, Luis Paolo M. Pineda, said.

Kumu previously secured US$1.2 million in a seed round from Summit Media and Foxmont Capital Partners, among others, in 2018.