Batanga Raises Capital for Marketing

NEW YORK Batanga, the privately held company that runs the Batanga.com Web portal, today said it received a $5 million investment from venture capital firm HIG Ventures.

The money will be used for consumer and trade marketing and advertising to promote Hispanic awareness of the brand and drive traffic and advertisers to the site, said Troy McConnell, chief operating officer of Miami-based Batanga.

“This is not working capital for operations. We are doing well and have enough money for working capital,” McConnell said. “This investment is strictly additional financing to promote our brand via trade and consumer media.”

“The resources and connections HIG Ventures bring to the table, coupled with the momentum achieved through our recent merger of Batanga, give our company a great boost toward becoming the premier online destination for young Hispanics,” said Rafael Urbina, Batanga chairman and CEO, in a statement.

Batanga.com is a Hispanic-targeted Web site that offers visitors access to 25 online radio stations, on-demand videos and multimedia content across channels including Latin music, sports and autos. The new capital also will be used to support Batanga’s push to increase its distribution via new channels.

Batanga was created in 1999. Its current portal is the result of a merger between Bantaga.com and PlanetaTV.com.

HIG Ventures is based in Miami.