MiTú, a YouTube multichannel network targeting Latino audiences, announced Thursday that it has raised $10 million in second-round financing.
According to MiTú, the funding will be used to finance work on production facilities in Los Angeles and Mexico City, expand engineering and sales teams and support application development.
Venture capital firm Upfront Ventures—an early investor in Maker Studios, which recently was acquired by the Walt Disney Company for as much as $950 million—led MiTú’s second-round financing.
“Latinos are a high demand demo, driving population growth yet their media choices have been limited,” said Beatriz Acevedo, president and co-founder of MiTú. “We are the leading digital media company for Latinos, we create culturally-relevant content, discover new break-out talent and are a fresh alternative for advertisers, networks, studios and global Hispanic audiences.”
