MANILA -- Kumu Holdings Pte Ltd said Tuesday it raised $5 million (P253 million) in fresh funding to roll out new features and expand the user base of its live streaming app, Kumu.

Kumu said it secured additional capital as it leveraged the popularity of the app to help fundraising drives while millions in Luzon are on lockdown due to the COVID-19 pandemic.

Investors in the Series A round include Southeast Asia's venture capital giant Openspace Ventures, known for betting on Filipino e-commerce platform BeautyMNL and Indonesian ride-hailing firm Go-Jek, Kumu said.

Kumu said the round also attracted the Philippines' largest media and entertainment company ABS-CBN; Kickstart Ventures, the corporate venture capital firm of Globe Telecom also responsible for the Ayala Group’s tech investments; and Gobi Core Philippine Fund, a local partnership with Gobi Partners, which manages the Alibaba Hong Kong Entrepreneurs Fund.

• Pinoy app 'Kumu' grows by tapping Millennial and GenZ need for 'authenticity'
• Fil-Am co-founder of Kumu shares branding tips for startups

"As the rise of global interactive platforms such as TikTok and live streaming apps gain acceptance with the younger generation, there remains a significant gap for local content and hyper-local networks," said Openspace co-founder and partner Hian Goh.

Kumu is a "compelling addition" to the Philippine media landscape with the youth dominating its 100 million population, Goh said.

"Filipinos are spending more and more time online to consume content and to find and connect with like-minded people, and Kumu has created a path for Pinoys to do these things in a way that uniquely captures the Pinoy spirit of community,” said Kickstart Ventures vice president for investments Joan Cybil Yao.

"We at ABS-CBN have witnessed the progressive evolution of the media industry, and are impressed with the innovations that Kumu has pioneered. With this app, 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," said ABS-CBN Corp Head of Business Development Luis Paolo M. Pineda.

Pasok mga suki! Fresh veggies shopping made easy! Starting April 13, check out Future Fresh at our Shop page & just add to kart! https://t.co/SBI68LTMBb pic.twitter.com/XwrGJyV7tZ

— Kumu - Pinoy Live Streaming App (@kumuPH) April 12, 2020

Have you already asked KUMUsta and sent VirtualHugs to your loved ones? Online conversation matters during difficult times like this #KUMUCares #kumuph https://t.co/SBI68LTMBb pic.twitter.com/joxkezs7nb

— Kumu - Pinoy Live Streaming App (@kumuPH) April 11, 2020

Because of Covid19 crisis, it’s hard to go to church especially during the Holy week. With KUMU, you can join FAVOR CHURCH and be blessed and safe while you’re at home. DOWNLOAD KUMU NOW! #kumuph pic.twitter.com/hsKTKIItSZ

— Kumu - Pinoy Live Streaming App (@kumuPH) April 8, 2020

Kumu said the Gokongweis' Summit Media and Foxmont Capital Partners followed on from a previous $1.2 million seed round of funding.

"As a media company, it is our purpose to be on the pulse of what technologies will revolutionize our landscape," said Summit president and CEO Lisa Gokongwei-Cheng.

Kumu co-founder Roland Ros said: "This commitment from the country’s largest companies and from established international investors reinforces our mission of creating a world-class live streaming platform for Filipinos, by Filipinos."

Kumu recently reached 3 million registered users, making it the fastest growing social app in the Philippines, with almost 1 hour of average daily usage from a mostly Generation Z and millennial user base. The platform hosts 25,000 live streams daily.

The Kumu app was listed as the top grossing social app in the Philippines Google Play Store, number 10 in Canada, and ranked among the 50 top grossing social apps in 12 other countries including the US.

Over 100 Kumu livestreamers now earn at least P20,000 each month from streaming original content.

New features include a hybrid AI/community-driven live commerce platform that will allow fans to purchase products while watching a livestream.

News.abs-cbn.com is the official news website of ABS-CBN