New investors are giving Mitú’s expansion plans a boost. The Latino YouTube network announced it has added $5 million in funding, closing its Series B financing for $15 million. The network had raised $10 million in June of last year.
AMC Networks joined the latest round of investors, which include venture capital firm Upfront Ventures, Daher Capital and Northgate Ventures.
Previous investors also pumped more money into the network, according to Deadline.
Mitú, which describes itself as a “digital network that connects thousands of Latino content creators with viewers around the world,” also announced it hired Martha E. Flores as Chief Editorial Officer and Greg Griffin as Head of Product Development to oversee expansion in those divisions.
Although both appointments were announced this week, both Flores and Griffin have been on board the company since October of 2014.
Flores was most recently VP of Editorial at Demand Media. She was previously West Coast News Director for US Weekly. Before that, she spent 4 years as a Metro Assignment Editor at the Los Angeles Times.
Founded in 2012 by Beatriz Acevedo, Doug Greiff and Roy Burstin, Mitú is the biggest independent Spanish-language multi-channel network on YouTube. The company website boasts over 39 million network subscribers and over 6 billion network video views.
The L.A.-based company has studios in Culver City and in Baja California. Since its launch, Mitú has signed deals with Maker, AOL, Televisa and Univision.
Machinima founder and Chairman Allen DeBevoise, The Chernin Group and Shari Redstone’s Advancit Capital are among Mitú’s previous investors.