AwesomenessTV, WPP, and Verizon Invest Heavily in Digital Media Company
Santa Monica, CA — mitú, the digital media company which targets Latino youth in the U.S. and worldwide, announced today 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 investment is indication of the importance of the young Latino audience and as more and more corporations vie for their business, digital companies likemitú’ continue to grow.
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.
The investors all chime in as to their strategic investment:
“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.”
Commentaires