Kumu Speeds Up Reporting and Improves Investor Relations

Livestreaming Startup Kumu Gets Key Insights Faster With NetSuite

Kumu is a social media and entertainment startup that offers an app for livestreaming and video-sharing. Its mission is to champion Filipino voices by connecting users around the world. Today, Kumu is the Philippines' largest social entertainment app. The company continues to expand its offerings in digital entertainment with ongoing innovations, including Kumu Gaming and Shopkumu ecommerce.

COMPANY

Kumumedia Technologies Companies

LOCATION

Mandaluyong City, Philippines

Industry

Software and Technology

Employees

250 to 499

Number of Subsidiaries

Number of Countries

Applications Replaced

Microsoft Office

NetSuite Modules Deployed

NetSuite OneWorld
NetSuite Fixed Asset Management
NetSuite Learning Cloud Support

IMPLEMENTATION PARTNER

Zanovoy (US)(opens in a new tab)

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“We did Series C funding on spreadsheets. Advisors in the investor meeting raised their eyebrows, knowing that we were still relying on manual processes. NetSuite gives us confidence in the numbers and credibility with investors.” Rosanna Fajfr, Global Controller, Kumu

From Spreadsheet Snags to Strategic Success

Kumu streams ahead: Kumu has experienced impressive growth over the last five years, raising a total of US$94 million over six funding rounds. The startup has more than 400 employees working across its headquarters in the Philippines and subsidiaries in Singapore and China. Kumu now serves more than 10 million active users across 55 countries, with 60 million monthly livestreams.

Stumbling on spreadsheets: As Kumu expanded its operations and global reach, it grappled with inefficiencies stemming from its reliance on processes and financial data buried in spreadsheets. This meant essential reports took weeks to compile, and the business needed seven days to produce an accurate P&L statement. Furthermore, investors in its Series C round expressed concern about the reliance on spreadsheets and lack of an ERP system.

Efficient reporting reduces workload: Kumu implemented NetSuite OneWorld to centralise all finance and accounting processes and gain a complete view of cash flow and financial performance in two currencies—the Philippine peso and Chinese yuan. Preparation of customised month-end reports now takes 10 days instead of 15, and P&L statements are available in seconds.

Meaningful insights inspire confidence: With far less time spent pulling reports, Kumu has more time to analyse business performance and leaders can focus on strategic tasks, such as product development and lowering customer acquisition costs to work toward profitability. The system also gives the company credibility and reassures investors. As it continues to optimise processes, Kumu aims to shorten its monthly financial reporting timeline to five days.