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The offer of streaming platforms seems to continue to increase, and it’s not only Netflix that is creating more content for Latin American audiences.
Canela Media seeks to position itself precisely in this category. This media company was created by Mexican Isabel Rafferty in 2020. It also owns the streaming platform Canela.TV.
It recently announced a US$32 million Series A fundraising, consolidating their funds at US$45 million. This new round was led by Acrew Capital and Angeles Investors. Link Ventures, TEGNA Ventures and Samsung NEXT also participated.
Other investors that have also backed Canela Media in the past are Alumni Ventures, BBG Ventures, BMO, Link Ventures, Mighty Capital, Portafolia’s Rising America, Powerhouse Capital and Reinventure Capital.
A Streaming Platform Focused on Hispanics and Latinos
Canela.TV is a free-to-user service based on advertising video on demand (AVOD) or advertising. It is based in New York, USA, but its main focus is the on Hispanic and Latino population there.
Although it started in the U.S. and already has 10 million downloads in that country, it arrived in Mexico in 2021, where it surpassed six million users in six months. At the end of that same year it began operating in Colombia.
Canela Media seeks to position itself as a benchmark in the premium video market. It wants to become an ally of companies that want to reach split audiences.
The company will use this new capital to create more products and develop new high quality programming for its most successful products, such as Canela.TV and Canela Music. It will also seek to consolidate itself in the markets where it already operates and expand into other Spanish-speaking markets.
With this new round they are going to add 95 new jobs in areas such as engineering, operations and programming.
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