Filipino social entertainment platform Kumu announced raising a Series C funding led by global private equity major General Atlantic with existing investors Openspace and SIG also participating.
The amount of the funding was not disclosed but Kumu said it was one of the largest equity financings to date for a Filipino startup and also marks General Atlantic’s first investment in the Philippines.
The transaction brings the startup’s total funding to over US$100m.
Sandeep Naik, Managing Director and Head of India & Southeast Asia at General Atlantic, said they believe that there is “an immense digital opportunity” that exists in the Philippines.
“We are thrilled to partner with Roland, Rexy, and the driven team at Kumu as they focus on empowering creators and transforming the Filipino digital ecosystem,” he said in a statement.
Earlier this year, the company has also announced its Series B co-led by Susquehanna International Group (SIG), an early investor in Bytedance as well as Middle East audio streaming app Yalla and real-time engagement platform Agora.
Kumu was among the first batch of Filipino startups to raise a Series B in 2021.
In 2020, Kumu raised a Series A led by Openspace Ventures, the Singapore-based regional venture capital firm that led the Series A in Gojek.
Rex Dorado, president and co-founder of Kumu, said they are excited to put the new capital to work by investing not only in the best Filipino content, but making the platform as a “home for groundbreaking, innovative content formats that blur the line between content consumption and content creation”.
Roland Ros, Kumu’s founder and CEO, said they are thrilled to take on the challenge of creating a consumer internet champion in the Philippines.
Launched in 2018 as a live streaming app, Kumu has since amassed a base of over 10 million registered users and counting from over 55 countries.
The platform is driven by tools like virtual gifting, advertising, and e-commerce, which allow content creators to convert engagement into income.
Globally, Kumu has been recognized globally as a “Disneyland of social media” enforcing authenticity, positivity, and safety through its community-driven content moderation system.