Hispanic YouTube network MiTú clenches new financing
Gabriel Miramar-Garcia | 13-12-2012
Latino-focused YouTube network MiTú has snagged new backing from The Chernin Group (TCG) and others in an unspecified round of financing.
MiTú said that it will use the funding to continue growing its business by partnering with new Latino content producers, focusing its efforts on the US, Mexico and Colombia markets.
"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," said Peter Chernin, former News Corp president and chief operating officer and now founder and CEO of TCG. "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."
Other participants in the round 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.
"The young global Latino audience is looking for a media brand that speaks to them," said MiTú CEO Roy Burstin. "MiTú will be that brand, and partnering with The Chernin Group and our other strategic investors accelerates our ability to reach this goal."
Less than a year old, Los Angeles-based MiTú has racked up 800 million total network views and has in excess of 2.3 million subscribers. It runs 350 channels from North America, Latin America, Europe and Asia.
"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," said MiTú 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."