HitFix Closes Oversubscribed $2 Million Funding Round
LOS ANGELES, July 7, 2011 /PRNewswire/ -- HitFix (http://www.HitFix.com), a leader in entertainment news, announced that the company has closed an oversubscribed $2 million investment round, lead by Golden Seeds. The funding was secured exclusively through angel investors including the prestigious Golden Seeds and Tech Coast Angels investment groups.
HitFix.com, which has tripled its size in the last 12 months, will use the round to accelerate growth in the areas of original video, mobile, social media and personalization features; catering to a young audience. The site will also use the capital to extend its leadership role in providing entertainment news.
"At a time when gossip, user-generated content and content aggregation has flooded the entertainment space, HitFix has become a leader in original entertainment content and breaking news," said Jennifer Sargent, CEO HitFix.com. "Our unique approach to entertainment discovery combined with innovative technology has allowed us to quickly gain traction within the entertainment space."
"HitFix.com has demonstrated immediate success by changing the way we consume and interact with entertainment media online," said Yuri Pikover, investor from Tech Coast Angels and board member of HitFix.com. "Being a two-time investor in the company, I believe that HitFix is poised to dominate the entertainment category by providing consumers with a unique, immersive experience that appeals to the coveted 18-34 year old demographic."
HitFix was founded by industry experts Jennifer Sargent, CEO and Gregory Ellwood, Editor-In-Chief. The site caters to an 18-34 year old consumer demographic and attracts about equal numbers of men and women, unusual in an industry often dominated by female viewers.
The company generates revenue through advertising as well as the syndication of content and reaches more than 2 million monthly unique users.
"We believe in HitFix's ability to continue to deliver premium content to avid entertainment seekers across all platforms," continued Sargent. "By combining original content and breaking news with interactive games, calendar listings, mobile apps, video and social features, we provide audiences the opportunity to not only consume, but contribute and engage with content."
Profiled in BusinessWeek as one of "America's Most Promising Start-ups," Los Angeles-based HitFix brings the world of entertainment news and events to discerning fans that prefer entertainment journalism and events to celebrity scandal. The site reaches more than 2 million unique users each month and is designed for an 18-34 year old demographic. HitFix calls on the talents of renowned entertainment commentators and journalists such as Alan Sepinwall, Drew McWeeny, Daniel Fienberg and Melinda Newman to produce wide-ranging news, interviews and commentary on all aspects of entertainment. For more information visit www.HitFix.com, www.facebook.com/hitfix, www.twitter.com/hitfix or www.youtube.com/hitfix.