The multi-channel network that caters to Latino viewers has closed its latest round of venture capital. MiTu has announced $15 million in Series B funding, which it will use to expand its team and invest in technology.
The Series B round is led by Upfront Ventures, which is also a major investor in Maker Studios. We first learned of the firm’s decision to invest in MiTu in June 2014, when it led a $10 million Series B round. Since then, the size of the round has increased to $15 million thanks to increased demand. Other investors include Daher Capital, Northgate Ventures and AMC Networks Inc.
“As many of the big media companies have swallowed up MCNs, it’s great to see MiTú become one of the largest independent online video producers” said Upfront Ventures partner Mark Suster in a release. “MiTú is dominating the fastest growing, most politically important demographic group in the US – Latinos.”
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With its new funding in hand, MiTu has made some additions to its team. With a larger focus on editorial content in mind, it has hired former Demand Media exec Martha E. Flores as its Chief Editorial Officer. It has also brought on Greg Griffin as Head of Product Development.
Before its Series B round, MiTu raised $3 million back in 2012. Since then, the network has grown exponentially. It currently claims an audience of more than 70 million viewers, and in 2013, it passed one billion total views. Much of its audience focused in the US, Mexico, and other Latin American nations.
