AMC Invests in Latino YouTube Network MiTu
The digital media company has raised $15 million in a round led by existing investor Upfront Ventures, an early Maker Studios backer.
AMC Networks has invested in Latino-focused digital media firm MiTu.
The investment is part of a $15 million round that MiTu began raising over the summer. The company raised $10 million led by existing investor Upfront Ventures, an early backer in Maker Studios, in June but increased the size by an additional $5 million due to strong investor interest. New investors include Daher Capital, Northgate Ventures and AMC.
MiTu, which operates a network of Latino YouTube channels, will use the funding to expand its editorial and product development teams. The company has hired L.A. Times veteran Martha Flores as chief editorial officer and Demand Media veteran Greg Griffin as head of product development. Most recently, Flores was vp editorial at Demand Media, where she launched a content marketing division for its LiveSTRONG and eHow websites. Griffin was most recently head of product at Spiritclips, a division of Hallmark.
"By dedicating more resources to innovation, scale, creators and social, we will be able to continue developing content products to best serve today’s millennial audiences, anytime, anywhere and on any platform," said MiTu chief executive Roy Burstin.
MiTu also counts The Chernin Group, Shari Redstone's Advancit Capital and Machinima co-founder Allen DeBevoise as investors.