Multi-channel YouTube network MiTú, which is dedicated to providing content of interest to Latino audiences, today announced an unspecified round of financing led by the Chernin Group.
For a digital media company, the dollar figure of the round may prove less significant than the people behind it. In addition to TCG, which was founded by former News Corp. president and chief operating officer Peter Chernin, participants include: Allen DeBevoise, chairman, CEO and co-founder of Machinima; Juan Cristóbal Ferrer of Mexico City-based advertising agency Ferrer Comunicación; Advancit Capital, a venture capital firm co-founded by Shari Redstone, vice chair of Viacom Inc. and CBS Corp. and president of National Amusements Inc., and Jason Ostheimer, previously of Blackstone Group; and Code Advisors, which was founded by Quincy Smith, former head of CBS Interactive.
MiTú will use the funding to continue growing its business, which entails partnering with Latino content creators to optimize their reach and monetize their audiences. It intends to focus its efforts on the U.S., Mexico and Colombia markets.
Less than a year old, MiTú reports having more than 350 channels from North America, Latin America, Europe and Asia, which collectively account for over 800 million total network views and in excess of 2.3 million subscribers.
MiTu is headquartered in Los Angeles and led by co-founders by Doug Greiff, Beatriz Acevedo and Roy Burstin.
Three statements were issued in support of the financing round.
Peter Chernin, founder and CEO of TCG: “The MiTú opportunity combines two powerful trends: one, the Latino audience is one of the fastest-growing and youngest demographics in the world and two, YouTube is the largest and fastest-growing online video platform in the world. MiTú not only identified those two trends, but also has been aggressive and smart about launching a consumer-focused brand in this market, targeting a younger Latino audience whose needs are unmet by traditional television. The early results have been astounding and we’re thrilled to partner with them to continue to grow the business.”
MiTú CEO Roy Burstin: “The young global Latino audience is looking for a media brand that speaks to them. MiTú will be that brand and partnering with The Chernin Group and our other strategic investors accelerates our ability to reach this goal.”
MiTú co-founder Beatriz Acevedo: “As a bi-cultural Latina, as well as a professional content creator, I am proud to help build a new platform and creative outlet for Latinos, empowering them to become successful media entrepreneurs. We are also developing innovative content with Hispanic YouTube influencers with large, established followings, providing great opportunities for brands to engage important audiences in a scale-based, but targeted, manner.”
MiTú Network – http://www.mitunetwork.com
MiTú Network – http://www.youtube.com/mitu