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WPP, AwesomenessTV & Verizon invest in Hispanic digital network Mitu

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MUMBAI: Mitú - an online Hispanic-focused digital content creator and media company catering to young Latino audiences in the US and Latin America - has raised a sum of $27 million from WPP Digital, DreamWorks Animation’s AwesomenessTV and Verizon Ventures in a round of Series C funding.

With this the company’s total funding till date is now $43 million. The company’s existing investor Upfront Ventures also participated in this fresh round. 

Mitú's clients include America Movil, Kia, MillerCoors, NBCUniversal and Procter & Gamble. Mitú was founded in 2012 and is based in Santa Monica with offices in Mexico and Colombia. It employs around 120 people.

Mitú creates and distributes original content as well as producing branded entertainment on behalf of its clients. Mitú's technology enables it to efficiently analyze its Latino audience's consumption of content across social media, thus providing it with a feedback loop for the company to continually create viral content. Mitú has over two billion global monthly views across all platforms in the US, as well as Mexico, Brazil and other Latin American countries.

WPP Digital’s minority interest acquisition in Mitú, continues WPP's strategy of investing in regions and sectors such as digital.

Mitú founder and CEO Roy Burstin said, “Latinos represent 24 per cent of millennials in the US. That’s why we think of this demo not as a niche but as a part of the mainstream. Mitú’s content brings a distinct point of view that appeals broadly to young, mobile audiences. Brands want to reach these young consumers but accessing them through traditional channels has proved elusive. Mitú has reach where others have struggled.”

WPP chief digital officer Scott Spirit added, “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.”

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