Boldstart Ventures leads seed round for Kumospace

Kumospace, an immersive video chat platform, has secured $3 million in seed funding.

Kumospace, an immersive video chat platform, has secured $3 million in seed funding. Boldstart Ventures led the round.

PRESS RELEASE

New York — Kumospace (https://www.kumospace.com/), the world’s most immersive video chat, announced today it has secured $3 million in seed funding led by Boldstart Ventures with participation from Lightspeed’s scout fund and the GP of ENIAC Ventures as well as high profile angels such as Aleksandr Yampolskiy, Founder at Security Scorecard, Maia Josebachevilli, Head of M&A at Stripe, and Matt Adkisson, founder of Bright.com, among others. To support the company’s growth, the new round of financing will be used to scale the team, build new features, and expand its footprint to mobile.

“We’re building virtual spaces that combine the fun and creativity of video games with the simplicity and security of video conferencing, transforming conversations into experiences and contacts into relationships,” said Brett Martin, President & Co-founder of Kumospace. “We’re emerging from stealth development to give as many hosts as possible a powerful toolkit to fully customize their own virtual environments on Kumospace.”

According to PwC’s US Remote Work Survey, less than one in five executives say they want to return to the office as it was pre-pandemic, however, 87% of employees say the office is important for collaborating with team members and building relationships — their top-rated needs for the office. Optimizing the hybrid workplace requires accelerating investments to support virtual collaboration and creativity. Existing video conferencing tools fail to promote organic conversations, sapping serendipity and creativity from collaboration.

Today, over 2,000 companies, including teams from Google, Facebook, Shopify, and PwC, use Kumospace for a range of activities including virtual happy hours, business meetings, coffee breaks, and even team building in Kumospace’s virtual escape room. Beyond the corporate world, Kumospace hosts have used the themed virtual rooms for a variety of use cases such as fundraising galas, medical school matching, weddings, graduations, and more. In Kumospace, guests hear the people closest to them within a certain range, which makes it possible for groups to form and dissolve as they would in the real world. The ability to accommodate simultaneous conversations and move between groups broadens the scope of possibilities for virtual events, as one educator described.

While in development from August 2020 to March 2021, Kumospace saw 100x growth in their monthly active user base. With an average session time of nearly 60 minutes, guests have spent hundreds of thousands of hours reveling in Kumospace’s virtual rooms. The Kumospace team plans to sustain that growth into the future by building the most fun, immersive, and interactive virtual chat experiences for online networking and participant-focused events. Realizing that they could never anticipate all the potential use cases of Kumospace, the team is focused on empowering hosts to create and customize their own virtual real estate.

“Having known Andy and Brett for many years, we were blown away when they shared Kumospace and believe they have a unique approach to group interaction in a new hybrid world” said Eliot Durbin of Boldstart Ventures. “With ‘Zoom fatigue’ inspiring a crop of new companies to challenge its parabolic growth, we’re excited to be working with Kumospace to build virtual environments that people love to spend time in.”

In keeping with its ethos of free video conferencing, Kumospace will soon release custom-designed rooms as a feature included in its free subscription tier. In the future, premium features such as SSO, analytics, e-commerce, and more will be available for enterprise customers.
For more information, please visit https://www.kumospace.com/.

About Kumospace
Kumospace is the world’s most immersive video chat that promotes organic conversations in virtual environments that lead to meaningful connections. Founded with a mission to fix virtual meetings, Kumospace is bridging the gap between physical and virtual worlds by creating virtual spaces for every type of occasion. Just like real-world bars or living rooms or patios, our interactive features such as virtual drinks and riddles keep guests entertained and moving throughout the space. For more information, please visit https://www.kumospace.com/.