MiTú, a US-based online video network focused on the Latino market, has received $15m in a series B round backed by US television network AMC, Deadline reported yesterday.
Upfront Ventures led the round, while Daher Capital, Northgate Ventures, Advancit Capital and other unnamed existing investors also participated. The oversubscribed round was originally closed at $10m in June 2014.
The company previously raised $3m in a 2012 series A round led by media and entertainment platform Chernin Group which also featured Allen DeBevoise, chief executive of online video network Machinima, Advancit Capital and Code Advisors.
MiTú has built a multi-channel network on online video service YouTube that operates a total of 1,300 Spanish-language channels with a combined 12 billion views to date. It also runs a smaller operation focusing on Portuguese-language channels for the Brazilian market.
The company has concurrently hired a new chief editorial officer, Martha Flores, and a new head of product development, Greg Griffin, who will oversee the expansion of MiTú that will be supported by the series B funding.