TMCnet News
Encantos Completes Pre-Seed Funding Round, Led by Cross Culture VenturesEncantos Media Studios, PBC ("Encantos"), the purpose-driven family entertainment and education company building brands for a multicultural world, today announced that it has closed its pre-seed round of funding from prominent executives and early stage investors, including Cross Culture Ventures. A Latina-led and majority owned public benefit corporation, the first Encantos funding round of Convertible Promissory Notes was oversubscribed. Encantos' first brand is the award-winning Latino-inspired bilingual infant/toddler property Canticos. Created by Encantos President, Chief Creative Officer and Co-Founder Susie Jaramillo, Canticos ("little songs" in Spanish) combines the power of nursery rhymes with the benefits of bilingualism to provide children with an innovative learning experience. Collecting some of the most beloved nursery rhymes across the Spanish-speaking world combined with American classics, Canticos makes learning fun with bilingual (English & Spanish) books, digital apps, and sing-along videos featuring an adorable cast of animal characters. In November 2017, Encantos partnered with Nickelodeon to bring Canticos to Nick Jr.'s digital platforms and to develop the first Canticos collection of consumer products for infants and toddlers. Praised by parents and educators alike, Canticos recently won the prestigious 2018 Cynopsis Imagination Awards for Best Short Form Content (Preschool). In addition to completing the Angel funding round, the company is also announcing today its Encantos Advisory Board. Comprised of prominent executives across the technology, entertainment, advertising, media and marketing industries, Advisory Board members will provide Encantos with strategic advice in the growth and development of the company. Encantos Advisory Board members include Richard Dantas (CEO, Ayablu / Burt's Bees Baby), Rosanna Durruthy (Head of Global Diversity, Inclusion & Belonging, LinkedIn (News - Alert)), Joe Feczko (Former SVP Integrated Marketing, Macy's), Nely Galán (CEO, Galán Entertainment), Melanie Healey (Former Group President, Procter & Gamble), Antonio Lucio (Global Chief Marketing Officer, Facebook (News - Alert)), Dr. Freada Kapor Klein (Founder, SMASH Program and Partner, Kapor Capital), Richelle Parham (Partner, Camden Partners), Rick Richter (Partner, Aevitas Creative Management), Jay Sethi (Vice President Smirnoff & Nurture Brands Portfoio, Diageo) and Astrid Soto (Chief Operating Officer, Agro Imports U.S.). The Advisory Board will be managed by Encantos Chairman and Co-Founder Steven Wolfe (News - Alert) Pereira. "The mission of Encantos is to build family brands for a multicultural world. With over 18% of the U.S. population being Hispanic, 13% African-American and 5% Asian-American, more than one-third of America is multicultural," said Nuria Santamaría Wolfe, Chief Executive Officer and Co-Founder of Encantos. "While census projections estimate that by 2040 the country will be a multicultural majority with over 50% of the population being diverse, we don't have to wait that long. Millennials aged 20-35, who are on the cusp of surpassing Baby Boomers as the nation's largest living adult generation, are today over 50% multicultural. As millennials continue to start and grow their families, they will want brands that represent them authentically." Marlon Nichols, Managing Partner and Co-Founder of Cross Cultures Ventures, said, "Although our world is increasingly diverse, our content is not. That is especially the case for kids and families content. Encantos is a dream team comprised of talent from tech, media and marketing. They know how to build brands, engage audiences and grow a business. Best of all, I'm proud to support a Latina-led company that is innovating in the direct-to-consumer entertainment and education industry and making a real difference for both families and communities across the U.S. and around the world." About Encantos: Encantos Media Studios, PBC (Encantos) is a purpose-led family entertainment and education company building brands for a multicultural world. Dedicated to helping kids of diverse backgrounds see the very best of themselves, Encantos creates culturally-inspired content that is nurtured into beloved global brands. Using a direct-to-consumer (DTC) approach, kids and families experience Encantos brands in multiple ways including content, publishing, e-commerce and consumer products. As a public benefit corporation (PBC), each Encantos brand supports a social benefit cause giving back to the community. For more information, visit www.encantosmedia.com. For more information on Canticos, visit www.canticosworld.com and www.nickjr.com/canticos. About Cross Culture Ventures: Cross Culture Ventures invests in entrepreneurs creating next generation technology and consumer products. Through our strategic partnership with Atom Factory, we work together to discover, invest in and develop companies that fuel shifts in cultural trends and behaviors within an increasingly diverse global marketplace. For more information, visit http://crossculturevc.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20181206005041/en/ |
