digital video network targeting Hispanic millennials, has raised $10 million from a group of investors, including Allen DeBevoise and Upfront Ventures.
The new funding will be used to
expand MiTú’s engineering and sales organizations and build new production facilities in Los Angeles and Mexico City.
Launched in May 2012, the MiTú network brings
together around 1,200 digital video creators catering to the Hispanic audience, with roughly 40 million subscribers collectively generating around 400 million video views per month.
Video producers create content in a range of categories, including comedy, DIY, beauty, cooking shows, fashion and technology.
Although YouTube is still the main distribution
platform for MiTú’s content, the company is looking to diversify distribution channels through deals with big media companies and the creation of stand-alone online destinations.
Back in January MiTú struck a content licensing deal with AOL, giving the latter access to MiTú content across all AOL properties, including The Huffington Post
AOL On, and AOL's Hispanic content network, Voces. The deal covers original English- and Spanish-language content produced by MiTú, as well as by the independent video producers in
MiTú’s content creation network.
In December, MiTú announced a content deal with Univision, calling on MiTú to create short-form Spanish-language content for
syndication on Univision's digital platforms, including UVideos among other channels.
MiTú also recently launched a male pop culture vertical, Macho, anchored by the sketch
comedy show "El Show with Chuey Martinez.”
Hispanics are leading the way in digital media adoption, according to a number of recent studies. A new study from
PricewaterhouseCoopers, titled “Mi Móvil: Hispanic Consumers Embrace Mobile Technology” and based on a survey of 1,000 U.S. Hispanics and non-Hispanics, found that Hispanics
over-index in mobile video consumption, with 43% of U.S. Hispanics streaming mobile video and 37% downloading mobile video on a weekly basis, compared to 25% and 17% for the same behaviors,
respectively, for non-Hispanics