Mio.TV, a NY-based Latino entertainment portal, has raised $2.5 million from a group of five investors, including Talbert Navia, a partner at Chadbourne & Parke and Carlos Cone of Olympus Securities, according to BusinessWeek. The company is looking to offer a full range of services and features, including original video content, a free VoIP service, and a suite of productivity tools. It’s hoping that by offering a full slate of offerings, the site will become a place where users will be fully engaged and spend a lot of time. Founders Manuel Garcia-Duran and Moses Frenck were previously at Telefonica (NYSE: TEF) Media and Adweek’s Marketing y Medios magazine. The pair have also brought on Concepcion Lara, an HBO executive involved with HBO en Espanol. A beta version of the site will launch November 21.
For some perspective, check out Jon Friedman’s recent MarketWatch piece on the lack of attention paid to Hispanics in the mainstream media. In the first half of a two-part series he profiles Mimi Valdes Ryan, editor at women’s magazine and website Latina: Valdes Ryan dares to think big, a prerequisite for every top editor. Latina’s circulation stands at about 500,000. She added that its pass-along rate brings the total to more than 3 million readers. Its Web site gets roughly 250,000 unique visitors a month. Valdes Ryan is anything but satisfied with those numbers. “It should be bigger,” she said. “There is so much potential to have more of an impact, especially online. I want Latina to be the ‘must’ destination for Latinas.”