YouTube Network MiTú Gets FundingWednesday, December 12, 2012
MiTú, a YouTube network targeting Hispanic audiences, has raised a fresh round of funding from Los Angeles media holding company Chernin Group and other investors.
The Los Angeles-based YouTube network is comprised of Spanish and English-language videos on topics such as beauty, fashion, health and food. The company launched its YouTube platform earlier this year and its videos have generated about 800 million views.
Other investors in the round include Allen DeBevoise, chairman and chief executive at Hollywood digital studio Machinima; and Advancit Capital, a New York venture capital firm founded by Shari Redstone.
It’s the latest example of investors making bets on YouTube. Last month, a venture arm of Time Warner Inc. led a $40 million round of funding for another YouTube creator, Maker Studios of Hollywood.
The company said it will use the investment, which has been reported by other media to be in the range of $3 million, to expand their audience, increase production and connect them with the global marketplace.
“The young global Latino audience is looking for a media brand that speaks to them,” MiTú Chief Executive Roy Burstin, said in a statement. “MiTú will be that brand and partnering with Chernin Group and our other strategic investors accelerates our ability to reach this goal.”