We report the experimental observation of band gaps in a synthetic nanostructured magnonic crystal composed of two different magnetic materials. The sample, in the form of a one-dimensional periodic array comprising alternating Permalloy and cobalt nanostripes, has been fabricated using advanced lithographic techniques. Dispersion relations of spin waves in the magnonic crystal have been mapped by Brillouin spectroscopy. The center frequency and width of the band gaps observed are tunable by an applied magnetic field. Dispersion relations calculated based on the finite element method accord with the measured data.