Kumu Holdings, a live streaming startup primarily based within the Philippines, introduced at this time it has raised about $5 million in Series A funding, earmarked for brand spanking new options and rising its operations.
The spherical was led by Openspace Ventures, an early investor in Go-Jek, with participation from Kickstart Ventures, media conglomerate ABS-CBN, Gobi-Core Philippine Fund, and returning buyers Summit Media and Foxmont Capital Partners.
With a lot of the nation under COVID-19 lockdown or curfew orders, Kumu says utilization of media and leisure apps has elevated. To handle demand, the startup has launched new options over the previous month to permit organizations like church buildings and trade teams to carry on-line occasions.
Kumu says it now has three million registered customers and about 25,000 live streams broadcast every day, with common each day utilization of about one hour.
Founded two years in the past by Roland Ros and Rexy Josh Dorado, Kumu aspires to be a “super app” for Filipinos around the globe, integrating live streaming, video chats and gaming, with plans so as to add on-line funds and e-commerce features, too. Kumu’s upcoming options embrace a live commerce platform that permits customers to purchase gadgets throughout live streams, giving content material creators an extra income.