Latino Focused MiTu Enlists Digital Elite In New $27M Funding Round

DreamWorks Animation’s AwesomenessTV, WPP Digital, and Verizon Ventures have joined other investors in a $27 million funding round for MiTu, a digital channel that targets young Latinos.

This increases MiTu’s total funding to $43 million. Others who’ve supported the service include Shari Redstone’s Advancit Capital, AMC Networks, CODE Advisors, The Chernin Group, and Upfont Ventures.

MiTu says it plans to use the additional cash to “significantly ramp-up its investment in product and technology” as well as its “ecosystem of apps.”

MiTu CEO Roy Burstin notes that Latinos account for 24% of millennials, but “accessing them through traditional channels has proved elusive.”

Last year MiTu forged an alliance with NBC Universo to develop short-form TV programming. That followed a 2014 deal with Mexico-based Spanish language media giant Televisa that the companies said would “develop innovative content, concepts and formats across various digital platforms.”

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