February 4, 2015
Latin YouTube network MiTú has closed its Series B financing for $15 million and named two Demand Media executives to key positions.
MiTú announced Tuesday the addition of $5 million in funding, closing out its Series B financing to a total of $15 million. Network closed first $10 million in June 2014. The latests funding round was led by LA-based venture capital firm Upfront Ventures, Daher Capital, Northgate Ventures and AMC Networks Inc. including group of investors in MiTú’s Series A also participated.
MiTu, which focuses on the Latino audience, has also hired Martha E. Flores as chief editorial officer overseeing editorial across all platforms while Greg Griffin will head product development.
Flores previously served as vice president of editorial and restructured the at-scale production studio that launched content renovations for LiveSTRONG and eHow. Griffin was the original vice president of product for the social media company and also served as head of product for Spiritclips LLC, a division of Hallmark.
“By dedicating more resources to innovation, scale, creators and social, we will be able to continue developing content products to best serve today’s millennial audiences, anytime, anywhere and on any platform,” MiTú CEO Roy Burstin said in a statement.
In addition to new hires, MiTú also announced raising $15 million in a funding round led by LA-based venture capital firm Upfront Ventures, Daher Capital, Northgate Ventures and AMC Networks Inc. including group of investors in MiTú’s Series A also participated.
“In three years, MiTú has grown from concept to a Latino media powerhouse, with a global roster of content creators and social media influencers connecting massive audiences to brands and traditional content buyers,” Burstin said.
Funding will help kick off this year’s goal of expanding investment in technology, growing its editorial team and social media distribution on owned and operated platforms, MiTú said in a statement.
MiTú was founded in 2012 by Latino TV industry veterans Doug Greiff, Beatriz Acevedo, and Roy Burstin. It has amassed nearly 80 million global subscribers and around 700 million monthly views across more than 1,300 partner channels, totaling 12 billion global lifetime views.
Source: The Wrap