MiTú just raised a ton of cash.
The YouTube multi-channel and digital media company self-described as the emergent “voice of young Latinos in the U.S. and worldwide” today closed a $27 million Series C funding round. AwesomenessTV, WPP Digital (which you may remember from its early investment in “global youth media company” Fullscreen), and Verizon Ventures are among the latest additions to the Santa Monica-based company’s rolodex of investors.
The news of the venture round comes almost a year to the date after MiTú’s previous multi-million dollar funding announcement. Back in February 2015, Upfront Ventures (which you may remember from such successful online video investments and exits as Maker Studios) led a $15 million Series B, with Daher Capital, Northgate Ventures, and AMC Networks Inc. in tow. In aggregate, the entity founded by three Latino TV vets – Beatriz Acevedo, Roy Burstin, and Doug Greiff – has raised $43 million since its 2012 inception.
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In that time, MiTu has attracted a sizable audience, too. The network currently boasts more than 6,000 Latino creators who collectively receive more than 2 billion global monthly views from an audience that is becoming increasingly relevant to brands and advertisers.
“Latinos represent 24% of millennials in the U.S.,” said Burstin, aforementioned Founder and Chief Executive Officer at mitú, in the release. “That’s why we think of this demo not as a niche but as a part of the mainstream. mitú’s content brings a distinct point of view that appeals broadly to young, mobile audiences. Brands want to reach these young consumers but accessing them through traditional channels has proved elusive. mitú has reach where others have struggled.”
That last part is exactly why WPP Digital – the digital arm of the world’s largest advertising agency – contributed dollars to MiTú’s latest round.
“This investment fits perfectly with WPP’s strategy of investing in digital, content and fast-growth markets, such as countries in Latin America, and demographics, such as U.S. Hispanic youth,” added Scott Spirit, WPP’s Chief Digital Officer, in the release. “Clients are trying to reach audiences where they organically spend their time. With young audiences, you need to reach them online and this investment in mitú is a great vehicle for clients of WPP companies to accomplish that.”
MiTú plans to use the new influx of cash to “ramp-up its investment in product and technology to expand its content publishing platform and audience data tools,” make and release more mobile applications, and launch its influencer-marketing platform dubbed MiTuberos (the latter of which seems to be the latest trend for WPP and the online video entities in which it invests).
You can check out MiTú and some of the work from its top creators over at MiTúnetwork.com.
