×
You will be redirected back to your article in seconds

Mitú Raises $27 Million From AwesomenessTV, Verizon and WPP

Mitú, a digital media upstart catering to Latino youth audiences worldwide, announced a $27 million Series C funding round that includes strategic investors AwesomenessTV, Verizon and WPP Digital.

Existing investors including Upfront Ventures — the venture-capital firm that was the largest investor in Maker Studios, now owned by Disney — also participated in the round. The funding brings Mitú to $43 million raised to date.

“When you look at the investors in this round, we definitely see a synergy with them to work with them and learn from them,” said Mitú CEO Roy Burstin (pictured above). He called out AwesomenessTV’s strength in creating social content, WPP’s global reach with advertisers and Verizon’s distribution capabilities.

Mitú, founded in 2012, delivers some 2 billion monthly video views across platforms including Facebook and YouTube, with a community of 6,000-plus Latino creators. That gives the company the largest global digital reach of any company targeting young Hispanics, according to Burstin. Latinos represent 24% of millennials in the U.S., and that’s “why we think of this demo not as a niche but as a part of the mainstream,” he said.

Mitú has been successful at connecting with Latino youth culture and creators, said Brian Robbins founder and CEO AwesomenessTV (which is majority-owned by DreamWorks Animation). “Through this investment we can work with them to accelerate their programming and distribution even further as demand for branded, premium digital-first content continues to increase,” he said.

WPP chief digital officer Scott Spirit said the Mitú investment “fits perfectly with WPP’s strategy of investing in digital, content and fast-growth markets, such as countries in Latin America, and demographics, such as U.S. Hispanic youth.”

“With young audiences, you need to reach them online and this investment in Mitú is a great vehicle for clients of WPP companies to accomplish that,” Spirit added.

With the funding, Mitú plans to ramp up its investment in sales, content production, and product and technology to expand its content-publishing platform and audience data tools, launch its influencer-marketing platform (mituberos.com) and expand its ecosystem of apps.

“We are going to aggressively scale content creation,” Burstin said. That will span a wide range of formats from video produced for social platforms to longer-form content in traditional TV and movie formats, he said.

Other investors in Santa Monica, Calif.-based Mitú include AMC Networks, Chernin Group, Machinima chairman Allen DeBevoise, Advancit Capital, Daher Capital and Northgate Ventures. The company produces and distributes content in both English and Spanish.

More Digital

  • Alibaba Buys 8% Stake in Chinese

    Alibaba Buys 8% Stake in Chinese Video Platform Bilibili

    Alibaba has purchased an 8% stake in the Chinese online video platform Bilibili, the official Xinhua news agency reported. Bilibili is one of China’s top video streaming and entertainment platforms, with about 92 million monthly active users and 450 million page-views per day. Founded in 2009, it was listed on the NASDAQ last March. Alibaba’s [...]

  • Clevver-Logo

    Hearst Magazines Buys Clevver's Pop-Culture YouTube Channels After Defy's Demise

    Hearst Magazines has snapped up Clevver, a network of female-skewing lifestyle and pop-culture news YouTube channels that had been owned by now-defunct Defy Media. Clevver was left homeless after Defy’s sudden shutdown in November; its principals said at the time they were looking for a new home. Hearst Magazines sees a digital fit with Clevver’s [...]

  • "Brother" -- Episode 201-- Pictured (l-r):

    CBS Interactive's Marc DeBevoise on Streaming Boom, Content Strategy, and Apple

    Not everyone wants or needs to be Netflix to succeed in the streaming space. And not everyone sees Apple’s enigmatic new service as a threat. Even as rival streaming services offer gobs of content, CBS Interactive’s president and COO Marc DeBevoise sees the company’s targeted original programming strategy continuing to attract viewers to its All [...]

  • Rhett-Link-Good-Mythical-Morning

    Rhett & Link's Mythical Entertainment in Talks to Acquire Smosh (EXCLUSIVE)

    Smosh, the YouTube comedy brand left stranded after parent company Defy Media went belly-up, may be about to get a new business partner. Mythical Entertainment, the entertainment company founded by top YouTube comedy duo Rhett & Link, has been in talks about acquiring the Smosh brand, sources told Variety. Multiple potential buyers came forward to [...]

  • Pokemon Go

    Proposed 'Pokémon Go' Lawsuit Settlement May Remove Poké Stops, Gyms

    A proposed settlement in the class action lawsuit against “Pokémon Go” developer Niantic could remove or change a number of Poké Stops and Gyms in the popular augmented reality game. The proposed settlement was filed in a California court on Thursday and applies to anyone in the U.S. who owns or leases property within 100 meters [...]

  • Skyline of Doha at night with

    Qatar's beIN Rallies Support From U.S. Companies Against Pirate Broadcaster beoutQ

    Qatari powerhouse beIN Media Group has rallied support from American sports and entertainment entities, including Discovery and Fox, behind its request that the U.S. government place Saudi Arabia on its watch list of top intellectual property offenders. The Doha-based broadcaster, a state-owned spinoff of Al Jazeera news network, accuses the Saudi government of harboring pirate broadcaster [...]

More From Our Brands

Access exclusive content