MiTú, a Los Angeles, CA-based multi-channel YouTube network dedicated to Latino content, has closed a financing round.
The amount of deal remained undisclosed.
The investment was led by The Chernin Group LLC (TCG), with participation from:
– Allen DeBevoise, Chairman, CEO and co-founder of Machinima;
– Juan Cristóbal Ferrer of Ferrer Comunicación, a Mexico City-based advertising agency;
– Advancit Capital, a vc firm founded by Shari Redstone and Jason Ostheimer; and
– CODE Advisors.
The company intends to use the capital to expand its US, Mexico and Colombia channel recruiting, partnerships, and monetization teams.
The Chernin Group will take a seat on MiTu’s board of directors.
Founded and led by Latino TV industry veterans Doug Greiff, Beatriz Acevedo, and Roy Burstin, MiTú partners with Latino content creators to launch and grow their English and Spanish-language channels on YouTube, expand their audiences, scale their production, and connect them with the global marketplace. The network today is mainly focused on lifestyle content verticals including beauty, fashion, health, food, home and pop culture.
Launched seven months ago, the network now features more than 350 channels from North America, Latin America, Europe and Asia.