Home Technology Kumu gears up for next funding round as lockdown measures boost its...
Kumu gears up for next funding round as lockdown measures boost its business
LIVESTREAMING app Kumu is preparing for its next fundraising after seeing user and live-streaming growth since the start of the enhanced community quarantine (ECQ) in Luzon.
Kumu Co-Founder and Chief Executive Officer Roland Ros said in an interview on Thursday that the app has been hosting entertainment events, church services and other community projects for users staying home during the lockdown.
The number of active users increased by 200% since January, while livestreams grew by 100% since the start of the lockdown in March to 30,000 broadcasts per day. Kumu revenues rose 100% since the start of the lockdown.
Kumu in April raised around $5 million for its Series A funding.
“We just raised what we call a series A round of financing and you know, we’re on our way to what they call series B financing,” Mr. Ros said.
“If we hit series B financing, that’s a company that’s really ready to go to that next level… right now we’re ahead of schedule in terms of hitting profitability and that’s something we’re really grateful for.”
He said at the same time, the company has set up a contingency plan for after the lockdown, making sure that its key partnerships are executed and speeding up product feature implementation.
Kumu, which now has almost four million registered users, is targeting five to six million users by the end of 2020.
Kumu also hopes to reach emerging markets that have 50 million internet users and three million people around the world sending billions of dollars back to their home countries.
“The Philippines is one market, but there’s at least 12 other markets who fit that profile,” Mr. Ros said.
“Kumu can be a licensing technology company that empowers passionate local entrepreneurs to do a similar strategy where they ally themselves with key business families of that particular market.” — Jenina P. Ibañez