MiTu has closed $15 million in Series B financing to invest in tech and grow its editorial team.
The Culver City multichannel network launched in 2012 to produce English and Spanish-language programming that appeals to Latinos. It currently boasts 80 million total subscribers that generate 700 million monthly views.
MiTu has become an attractive partner for media companies due to its content creators’ expansive reach to Latino viewers. It began working with Walt Disney Co.’s Maker Studios in September to better target the U.S. Hispanic market. MiTu also made its first move into television in November, partnering with TV channel Discovery Familia to create long format versions of two of its original web series.
The latest round was led by Upfront Ventures and included participation from Daher Capital, Northgate Ventures and AMC Networks. Upfront said it is now the largest shareholder in MiTu and Maker Studios.
“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 producer,” Mark Suster, partner at Upfront Ventures, said in a statement. “MiTú is dominating the fastest growing, most politically important demographic group in the U.S. – Latinos.”
MiTu also announced Wednesday two executive additions. Martha E. Flores, previously Demand Media’s vice president of editorial, will join as chief editorial officer. Greg Griffin, also formerly with Demand Media, has been hired as head of product development.
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