Latino-focused digital media company Mitú announced today that it has raised $27 million in Series C funding. To date, it has raised a total of $43 million.
“Our focus for 2016 in terms of the growing is on two things,” Mitú CEO Roy Burstin told VideoInk. “One is to continue build on the success of we’ve had in the last year in terms building relationships with brands and teaming up with them to create our innovative, content-centric, social media-powered ad product.”
The round includes returning investors such as Upfront Ventures (who was the largest investor in Maker Studios), but more intriguing is the participation of a trio of new backers — AwesomenessTV, WPP Digital, and Verizon.
AwesomenessTV is a teen and young millennial focused multi-platform production company led by CEO Brian Robbins, who has a proven record in film (as director of “Varsity Blues,” “Norbit,” etc.) and TV (producing shows ranging from “Smallville” and “One Tree Hill” to Nickelodeon’s “Supah Ninjas”), as well as digital-first content.
WPP Digital is a division of the British-based global advertising and public relations giant WPP, which works with a huge collection of brand clients.
The participation of the three companies not only adds to the cash infusion, it also puts Mitú in bed with a collection of very useful potential strategic partners.
“These guys are looking at us as an investment opportunity, and we hope that opens up doors to opportunities to create content, work closely with brands,” said Burstin (pictured, left). “We’re still in the beginnings of a very deep transformation of the media business in general, and these investors know it and they see the opportunity. They want to make sure they stay ahead or keep up with the rate of change in terms of experimenting and learning from companies like us. So I do think it’s kind of a two-way relationship.”
Just the media business is changing, so is the nature of the audience that consumes it. According to the Pew Research Center, the U.S. Hispanic population has increased sixfold since 1970. Mitú is targeting the millennial sector of that demographic with content outlets (WeAreMitu.com) and feeds on Facebook, YouTube, Vine and other social platforms that have attracted 2 billion global monthly views and a community of more than 6,000 Latino creators. And it’s doing it with content that’s in English, as well as Spanish.
“When we think of millennials, 24% of millenials in the U.S. are Latino, and a good number of them if not the majority of them consume content primarily in English,” Burstin said. “That opens a huge opportunity for us, because our content, even though it’s authentic and culturally-relevant, really has a universal appeal. There’s going to be a lot of demand from media companies for original, fresh, innovative content formats that speak to young Latino audiences.”