Latino online media company Mitú Inc. of Santa Monica has raised a $27 million Series C round.
The company cited its focus on Latino millennials as the main reason investors were interested. Mitú plans to use its funding to expand programming, to build an advertising-sales platform and to add media distribution channels, such as new mobile apps.
Founded in 2012, Mitú sells advertisements and sponsorships on behalf of a network of 6,000 semi-professional Internet personalities, who publish their content on social networks, such as YouTube, Facebook and Instagram. The company said its network has 2 billion views a month.
“Latinos represent 24 percent of millennials in the U.S. 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” Mitú Chief Executive Roy Burstin said in a statement. “Brands want to reach these young consumers but accessing them through traditional channels has proved elusive. Mitú has reach where others have struggled.”
Several investors in Mitú’s Series C round also have media and advertising operations of their own, including DreamWorks Animation’s AwesomenessTV, British advertising agency WPP Digital and Verizon Wireless. To date, Mitú has raised $43 million in funding.
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