Kumu Holdings, a live streaming start-up based in the Philippines, revealed today it has actually raised about$5 million in Series A financing, earmarked for new features and growing its operations

. The round was led by Openspace Ventures, an early investor in Go-Jek, with involvement from Kickstart Ventures, media conglomerate ABS-CBN, Gobi-Core Philippine Fund, and returning investors Top Media and Foxmont Capital Partners.

With much of the country under COVID-19 lockdown or curfew orders, Kumu says use of media and home entertainment apps has actually increased. To address demand, the start-up has actually introduced new functions over the previous month to allow organizations like churches and industry groups to hold online occasions.

Kumu states it now has actually three million signed up users and about 25,000 live streams broadcast each day, with typical everyday usage of about one hour.

Founded two years back by Roland Ros and Rexy Josh Dorado, Kumu aspires to be a “very app” for Filipinos all over the world, incorporating live streaming, video chats and video gaming, with plans to add online payments and e-commerce functions, too. Kumu’s upcoming features include a live commerce platform that permits users to buy items throughout live streams, providing content creators an additional source of earnings.

Article curated by RJ Shara from Source. RJ Shara is a Bay Area Radio Host (Radio Jockey) who talks about the startup ecosystem – entrepreneurs, investments, policies and more on her show The Silicon Dreams. The show streams on Radio Zindagi 1170AM on Mondays from 3.30 PM to 4 PM.