Latino digital network mitú raises $27 million in latest round
Mitú, a digital network for Latino millennials, raised $27 million in a new round of funding, the company said Wednesday.
The creators of the popular online videos “Cholos Try” added new investors in the latest round, including Verizon and AwesomenessTV, a digital media company majority owned by DreamWorks Animation.
FOR THE RECORD
An earlier version of this post used uppercase letters to spell mitú. It also referenced a “Cholos Try” video that was not produced by mitú.
Existing investors such as Santa Monica’s Upfront Ventures also participated in the Series C funding round.
Mitú has raised $43 million since it was launched in 2012 by a trio of former Spanish-language television executives.
The network taps into a rapidly growing, young, bilingual community that has been underserved in digital media.
“Latinos represent 24% of millennials in the U.S. That’s why we think of this [demographic] not as a niche but as a part of the mainstream,” said Roy Burstin, mitú’s chief executive and co-founder. “Mitú’s content brings a distinct point of view that appeals broadly to young, mobile audiences.”
Mitú’s English- and Spanish-language videos typically appear on YouTube and Facebook. The Santa Monica company has more than 100 million global subscribers.
Burstin said the videos are gaining non-Latino fans.
“We’re learning that if content is authentic, it can resonate beyond the intended audience,” Burstin said.
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