By Sahil Patel
The size of the Series B was increased due to “very strong investor interest” in MiTu, the company said. The additional $5 million comes from new investors Daher Capital, Northgate Ventures, and AMC Networks, which is also an investor in DramaFever and DanceOn, two other vertical-oriented streaming networks on and off YouTube.
The overall round is led by Upfront Ventures, the LA-based firm that was an early investor in Maker Studios. Maker’s sale to Disney early last year kick-started a flurry of investments and M&A activity in the YouTube MCN space.
A group of investors from MiTu’s Series A also participated in the new round.
The money will be used to invest in technology and grow MiTu’s editorial team as the company ramps up its efforts in content production and distribution. This includes developing and launching owned and operated platforms, which MiTu has been working on since before the Series B was first announced last June.
To lead these efforts, MiTu has hired Greg Giffin and Martha E. Flores, two former Demand Media executives, as its new head of product development and chief editorial officer, respectively. Griffin was the original VP of product at Demand Media, while Flores was VP of editorial.
Launched in 2012, MiTu’s network currently boasts 1,300 partner channels, which combine to reach nearly 80 million subscribers and generate nearly 700 million views per month on YouTube.