Mitú Raises $27 Million From Industry Luminaries
AwesomenessTV, WPP, and Verizon Invest Heavily in Largest Latino Digital Media Company
Santa Monica, CA(14 Jan 2016)
Mitú, the digital media company rapidly emerging as the voice of Latino youth in the U.S. and worldwide, today announced it has raised $27 million in Series C funding. The round brings in new investors AwesomenessTV, WPP Digital, and Verizon as well as existing investors, including Upfront Ventures (who was the largest investor in Maker Studios). To date the company has raised $43 million in funding.
The strategic composition of this round is a strong validation of both the importance of Mitú’s audience demographic, as well as Mitú’s success in building its leadership position in the digital media space.
Mitú teams up with top digital talent to create innovative, culturally relevant content for young audiences everywhere. The company’s content properties (WeAreMitu.com) and its social media feeds on platforms such as Facebook and YouTube have quickly become the go-to destination for Latino youth culture. With 2 billion global monthly views and a community of more than 6,000 passionate Latino creators, Mitú has the largest global digital reach of any company serving this audience.
“Latinos represent 24% of millennials in the U.S. That’s why we think of this demo not as a niche but as a part of the mainstream. Mitú’s content brings a distinct point of view that appeals broadly to young, mobile audiences” said Roy Burstin, Chief Executive Officer, Mitú. “Brands want to reach these young consumers but accessing them through traditional channels has proved elusive. Mitú has reach where others have struggled.”
“This 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,” said Scott Spirit, WPP’s Chief Digital Officer. “Clients are trying to reach audiences where they organically spend their time. 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.”
"Mitú’s connection into Latino youth culture and creators is impressive,” added Brian Robbins founder and CEO AwesomenessTV. “They have been very successful creating content and a brand for this rapidly growing audience. 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."
“With billions of global monthly views, Mitú has built a compelling media brand that attracts a large millennial audience,” said Ed Ruth, director at Verizon Ventures. “We’re thrilled to support mitú’s growth in reshaping the Latino media landscape.”
Mitú also plans to significantly ramp-up its investment in product and technology to expand its content publishing platform and audience data tools, launch its influencer-marketing platform (mituberos.com) as well as expand its ecosystem of apps.
Mitú is emerging as the voice of young Latinos in the US and worldwide. As the leading tech-media brand fueled by the largest community of Latino content creators and social media influencers, Mitú is focused on creating fresh and culturally relevant content for today’s Latino youth culture. The company provides an unparalleled solution for content creators, brands, and content buyers seeking this coveted audience through cross-platform programming in English and Spanish. For more information, please visit www.mitúnetwork.com.
AwesomenessTV is a multi-platform media company owned by DreamWorks Animation (Nasdaq: DWA) and Hearst, the latter of which has a 25 percent interest. Included under the AwesomenessTV banner are AwesomenessTV, a leading destination for original programming serving the global Gen Z audience; the ATV Network, a community based MCN with over 90,000 channels; Big Frame, an influencer talent management company; DreamWorksTV; Awestruck; Awesomeness Films; Wildness; as well as consumer products, music and branded entertainment divisions. AwesomenessTV was founded by Brian Robbins (Smallville, Varsity Blues, All That) and Joe Davola (In Living Color, Smallville, MTV Networks). Check out www.awesomenesstv.com.
ABOUT VERIZON VENTURES
Verizon Ventures LLC seeks and invests in promising entrepreneurial companies that are tackling some of today's biggest challenges for Verizon's consumer and enterprise customers. Over the last decade Verizon Ventures has invested in more than forty companies covering a range of industries, technologies, and market segments. Verizon Ventures offers support to its portfolio companies with technology and product development, market planning and sales, and access to the networks and platforms of Verizon Communications. For more information visit www.verizonventures.com.
ABOUT WPP DIGITAL
WPP Digital is the investment arm of WPP, world’s largest communications services group with billings of US$76 billion and revenues of US$19 billion. Through its operating companies, the Group provides a comprehensive range of advertising and marketing services including advertising & media investment management; data investment management; public relations & public affairs; branding & identity; healthcare communications; direct, digital, promotion & relationship marketing and specialist communications. The company employs over 190,000 people (including associates and investments) in over 3,000 offices across 112 countries. For more information on WPP Digital, visit http://wppdigital.com/.
ABOUT UPFRONT VENTURES
Upfront Ventures is the largest and longest-serving venture capital fund in Los Angeles having invested more than $1 billion since 1996 in companies such as Maker Studios, TrueCar and Overture. While Upfront is a national investment firm, it invests at least 50% of its capital in Southern California based technology companies from San Diego to Santa Barbara.