Lowenstein Sandler represented Canela Media, Inc., an industry-leading, minority-owned digital media technology company, in the completion of an oversubscribed $32 million Series A funding round. The investment was co-led by Acrew Capital and Angeles Investors with participation from Link Ventures, TEGNA Ventures, and Samsung NEXT as well as existing investors BBG Ventures, Mighty Capital, Reinventure Capital, Portfolia's Rising America Fund, Alumni Ventures and Powerhouse Capital, bringing Canela Media's total funding to date to $35 million.
Canela Media is the single largest funded, Latino-owned company with the 4th largest amount of funding for a female in the media industry. Latinos create more business ventures per capita than any other U.S. racial or ethnic group, comprising 18% of the population.
The financing will be used to help Canela Media accelerate product development, produce new high-quality original programming for its flagship products Canela.TV and Canela Music, and to enable expansion further into Latin America. Later this year, Canela will roll out the Canela Kids app focused on children's programming. The company will also be adding 95 new positions in various functions, including engineering, operations and programming.
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