Disney’s recent acquisition of YouTube network Maker Studios shows how much firms value video these days — and MiTú just got some swell money for its own network.
Today, Latino media company and video network MiTú announced that it has raised $10 million in a second round of funding to continue building its engineering and sales efforts and expand its production facilities in Los Angeles and Mexico City.
The company, established in 2012, is one of the largest media brands dedicated to Latino content for a young and global audience. Its programming covers beauty, food, DIY, home, and health, and it recently launched male pop culture coverage. MiTú also partners with outside content creators to launch their English, Spanish, and Portuguese-language video channels, expand their audiences, and connect with the global market.
"Having been an early & prolific investor in online video I came to the conclusion that the future will be built around strong vertical content channels. It's the best way that networks can attract and develop talent and that advertisers can reach large, endemic audiences," said Mark Suster, the managing partner of Upfront Ventures, which led the round.
"When I met the team at MiTú I knew they understood the mixture of Latino meets online video better than anybody else I had met and became excited to be a partner with them.”
MiTú has 400 million monthly video views, 40 million subscribers, and 1,200 video creators, according to its own statistics.
Some oif MiTú’s original investors joined Upfront Ventures in the round; Upfront was one of the original investors in Maker Studios.
MiTú was founded in 2012 by Doug Greiff, Beatriz Acevedo, and Roy Burstin. Its previous investors include The Chernin Group LLC, Machinima chairman and chief executive Allen DeBevoise, and Advancit Capital.
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