The Chernin Group invests in online Latino content provider

MUMBAI: MiT?, the leading multi-channel YouTube network exclusively dedicated to Latino content, has closed financing, led by The Chernin Group (TCG).

Co-investors in the funding round include Machinima Chairman, CEO and co-founder Allen DeBevoise; Juan Crist?bal Ferrer of Ferrer Comunicaci?n, a Mexico City-based advertising agency; Advancit Capital, a venture capital firm founded by Shari Redstone and Jason Ostheimer; and CODE Advisors. TCG will join MiTu?s board of directors.

Founded and led by Latino TV industry veterans Doug Greiff, Beatriz Acevedo, and Roy Burstin and headquartered in Los Angeles, MiT? partners with talented Latino content creators to launch and grow their English and Spanish-language channels on YouTube, expand their audiences, scale their production, and connect them with the global marketplace.
 
With a brand that represents a content experience focused on a young and growing global Latino audience, the MiT? Network is principally focused on lifestyle content verticals including beauty, fashion, health, food, home and pop culture.

Since MiT??s launch seven months ago, the network now features more than 350 channels from North America, Latin America, Europe and Asia, and has accumulated more than 800 million total network views across a subscriber base exceeding 2.3 million.

Proceeds from this investment will be used to expand MiT??s US, Mexico and Colombia channel recruiting, partnerships, and monetization teams.

?The MiT? opportunity combines two powerful trends: one, the Latino audience is one of the fastest-growing and youngest demographics in the world and two, YouTube is the largest and fastest-growing online video platform in the world,? said TCG Founder and CEO Peter Chernin.

?MiT? not only identified those two trends, but also has been aggressive and smart about launching a consumer-focused brand in this market, targeting a younger Latino audience whose needs are unmet by traditional television. The early results have been astounding and we?re thrilled to partner with them to continue to grow the business.?

?The young global Latino audience is looking for a media brand that speaks to them,? said MiT? CEO Roy Burstin. ?MiT? will be that brand and partnering with The Chernin Group and our other strategic investors accelerates our ability to reach this goal.?

?As a bi-cultural Latina, as well as a professional content creator, I am proud to help build a new platform and creative outlet for Latinos, empowering them to become successful media entrepreneurs,? stated MiT? co-founder Beatriz Acevedo. ?We are also developing innovative content with Hispanic YouTube influencers with large, established followings, providing great opportunities for brands to engage important audiences in a scale-based, but targeted, manner.?

Strategic Law Partners LLP provided legal counsel to TCG. Gunderson Dettmer provided legal counsel to MiTu.