SUMMIT Media said Friday that it completed its $1.2 million seed round fundraising for its livestream and content mobile app Kumu.
In a statement, Lisa Gokongwei-Cheng, president and chief executive officer of Summit Media, said: “Our investment in Kumu is an important addition to our portfolio. We are committed to investing in the future of media, as we are cognizant of our audiences’ rapidly changing needs.”
Ms. Gokongwei-Cheng is also a director of Robinsons Bank.
Other institutions that joined Summit Media, the lead investor in the seed round are: FOXMONT Capital Partners; Two Culture Capital, and Jove Schrottmann of Mandala Spa Boracay.
Summit Media has 16 titles including Entrepreneur, Cosmo and Top Gear Philippines.
“Since livestreaming is still relatively new in the Philippines, it is our company’s responsibility to show Filipinos what is possible to achieve through this medium,” Kumu Head of Strategy and Co-Founder Rexy Dorado said.
Roland Ros, CEO and Co-Founder of Kumu, said that part of the seed round will be used to help grow the community of content creators.
“We are allocating some of our funding to supporting our livestreamers across the creative process, beginning with training and going all the way up to production. Our goal is to create the world’s first social television network, where content creators can readily find enthusiastic fans who want to engage with them,” Mr. Ros said. — Reicelene Joy N. Ignacio
