Summit Media Invests in Filipino Live-Streaming App
It's already one of the most-downloaded apps!
(SPOT.ph) You probably already check out a lot of social-media apps on your phone every day. How else are you going to know all the latest trends and the funniest memes? (Plus, how are you going to cyber-stalk your fave celebs and/or crushes?) But it's time to add another one to your list of daily, must-click apps: Kumu. It's actually one of the most-downloaded apps already, so there's no better time to join.
The livestreaming app was launched in February 2018 by Filipino-American Roland Ros. It features live chats that are generated by its users—mostly millennials and those from Gen Z. You can watch videos from content creators and chat with them in real-time while they do a livestream. There are also some fun game shows on the app like Quiz Mo Ko and Pinoys Doing Stuffs, where you can win actual (yes, real!) money. Pretty soon, you'll be able to do online shopping on the app, too.
Kumu’s seed round included co-investor Foxmont Capital Partners, a Philippine fund managed by the founders of MyTown and founding members and investors of Grab Philippines.
Summit Media recently invested in Kumu, so you can expect more fun content from both parties soon. President Lisa Gokongwei-Cheng says, "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." Kumu is the second digital start-up Summit has invested in. Last year, Summit also took a stake in POPxo, the leading website for millennial women in India.
Ros added, “We are very excited about our partnership with Summit. Clearly, there are a lot of synergies with its portfolio of strong digital brands with loyal audiences.”
So you might want to download it now—who knows, maybe you'll be the next big thing, or at least, earn like one.