MiTú Raises $10 MillionThursday, June 19, 2014
Culver City’s MiTú, a Latino YouTube network, has raised $10 million in Series B funding led by Upfront Ventures.
Prior to this round, MiTú had raised $3 million from investors including The Chernin Group, Advancit Capital and Machinima Chairman and Chief Executive Allen DeBevoise.
Upfront was an early backer of Maker Studios, a Culver City multichannel network acquired by the Walt Disney Co. earlier this year in a deal that could top out at $950 million depending on performance.
“Having been an early and prolific investor in online video,” Mark Suster, Upfront’s managing director, said in a statement, “I came to the conclusion that the future will be built around strong vertical content channels. It’s the best way that networks can attract and develop talent and that advertisers can reach large, endemic audiences.”
MiTú boasts more than 400 million monthly video views, 40 million subscribers and a roster of 1,200 video creators. TV industry veterans Doug Greiff, Beatriz Acevedo and Roy Burstin founded the network in 2012.
MiTú will use most of the funding round to build out production facilities in L.A and Mexico City, as well as expand its engineering and sales teams.