SIG, an early investor in TikTok’s parent company ByteDance, has co-anchored the Series B funding round in Filipino live-streaming startup Kumu, according to an announcement.
Financial details of the funding round were not disclosed. Kumu said Openspace Ventures, a Singapore-based venture capital investor, was co-anchor in the funding round.
Existing investors Summit Media, Kickstart Ventures, Foxmont Capital Partners, and Gobi-Core Philippine Fund, as well as new investors Gentree Fund and Endeavor Catalyst Fund also participated in the funding round.
The round closed less than 12 months after the company announced its Series A in April 2020. That time, and in the midst of an unprecedented pandemic, Kumu has topped the Google Play rankings in the Philippines.
Founded by Rexy Josh Dorado and Roland Ros, Kumu said an estimated 11.2 million registered users around the world watch live streams up to 60 million times per month, with over 100,000 active streamers commanding about one hour of average daily usage for its mostly Gen-Z and millennial user base.
The startup is also experiencing massive revenue growth. According to mobile-app performance company App Annie, Kumu has been listed as the #1 Top Grossing social app in the Philippines’ Google Play Store, as well as the first Filipino-founded app to rank Top 10 in multiple markets like Canada, Australia, Norway, Hong Kong, and Kuwait.
The startup said it will use the fresh capital to scale its current operations.
Angelo Mendez, chief of content and co-founder of Kumu, said the startup’s success comes from the intersection of unique content, strong creator engagement, and an active, wholesome community that propels social connections.
“Our success lies in our ability to focus on Kumu partners and users, connecting them in creative ways,” says Mendez said.
SIG, the lead investor in the funding round, has also invested in Bytedance, Agora, ClassIn, Mobile Premier League, Musical.ly, Palfish, Ximalaya, Yalla, Yitiao, Yunxuetang, Zilingo, and Zuiyou.