US-based digital media company Mitú has secured $27m in a series C round featuring telecommunications network Verizon, online entertainment producer AwesomenessTV and WPP Digital, a strategic investment subsidiary of marketing firm WPP.
The corporates were joined by existing investors including venture capital firm Upfront Ventures.
Upfront led the $10m first tranche of Mitú’s series B round in 2014 before television network AMC provided additional funding in February 2015. Digital media company Chernin Group had invested about $3m in 2012, and Mitú has now raised $43m altogether.
Mitú runs an online video network that produces content aimed at young Latino viewers both in the US and across the world. It will use the funding to strengthen its content publishing platform, audience data tools and app ecosystem, and to launch Mituberos, its influencer-marketing platform.
Scott Spirit, chief digital officer of WPP, said: “This investment fits perfectly with WPP’s strategy of investing in digital, content and fast-growth markets, such as countries in Latin America, and demographics, such as US Hispanic youth.
“Clients are trying to reach audiences where they organically spend their time. With young audiences, you need to reach them online and this investment in Mitú is a great vehicle for clients of WPP companies to accomplish that.”
Brian Robbins founder and CEO AwesomenessTV, added: “Through this investment we can work with them to accelerate their programming and distribution even further as demand for branded, premium digital first content continues to increase.”