The Philippines’ startup ecosystem was abuzz in late October 2021 when social entertainment app Kumu announced it had raised US$73.7 million in a Series C round. It was a milestone funding round—the first time any Philippine startup had made it to a Series C. In fact, prior to 2021, no startup from the country had even gone beyond a Series A.
Kumu’s Series C was led by New York-based growth equity firm General Atlantic and also featured returning investors such as Susquehanna International Group (SIG) and Openspace Ventures. But there’s another name on Kumu’s cap table that could play a crucial role in the country’s startup scene going forward—Gentree Fund.
