MiTu Network Announces Investment
CULVER CITY, CA, Leading multi-channel YouTube network exclusively dedicated to Latino content, announced today that it has closed financing, led by The Chernin Group.
MiTu (www.youtube.com/mitu), the leading multi-channel YouTube network exclusively dedicated to Latino content, announced today that it has closed financing, led by The Chernin Group LLC (TCG). Co-investors in the funding round include Allen DeBevoise, Chairman, CEO and co-founder of Machinima; Juan Cristobal Ferrer of Ferrer Comunicación, a Mexico City-based advertising agency; Advancit Capital, a venture capital firm founded by Shari Redstone and Jason Ostheimer; and CODE Advisors. TCG will join MiTu's board of directors.
Founded and led by Latino TV industry veterans Doug Greiff, Beatriz Acevedo, and Roy Burstin and headquartered in Los Angeles, MiTu partners with talented Latino content creators to launch and grow their English and Spanish-language channels on YouTube, expand their audiences, scale their production, and connect them with the global marketplace. With a brand that represents a content experience focused on a young and growing global Latino audience, the MiTú Network today is principally focused on lifestyle content verticals including beauty, fashion, health, food, home and pop culture.
Since MiTu's launch seven months ago, the network now features more than 350 channels from North America, Latin America, Europe and Asia, and has accumulated more than 800 million total network views across a subscriber base exceeding 2.3 million. Proceeds from this investment will be used to expand MiTú's US, Mexico and Colombia channel recruiting, partnerships, and monetization teams.
"The MiTu 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," said Peter Chernin, founder and CEO of TCG. "MiTu 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."
"The young global Latino audience is looking for a media brand that speaks to them," said MiTu CEO Roy Burstin. "MiTu will be that brand and partnering with The Chernin Group and our other strategic investors accelerates our ability to reach this goal."
"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," stated MiTu co-founder Beatriz Acevedo. "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."
Strategic Law Partners LLP provided legal counsel to TCG. Gunderson Dettmer provided legal counsel to MiTu.
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