HitFix Raises $1.6 Million

HitFix, an entertainment journalism online resource, has raised $1.6 million in second-round funding led by Tech Coast Angels.

PRESS RELEASE

Tech Coast Angels (TCA), the nation’s largest angel investment network, today announced that it has joined the investment of a second round funding of $1.6M in the unique entertainment journalism online resource, HitFix. According to lead TCA investor, Yuri Pikover, “HitFix has such a compelling mix of authoritative and original journalistic content, audience reach, and technology, it perfectly matched our TCA investment ‘sweet spot’.”  The company, which went live in December of 2008 and generated revenue from its first day, will receive ongoing support and involvement from TCA including the addition of Pikover to the board of directors.

Unlike many entertainment sites and programs that focus primarily on celebrity news and gossip, 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. The HitFix site also offers the unique Event Forecast, a localized calendar that allows users to track major events in all categories within their geographic region, sort them by interest, set reminders and download to their calendar, both through the site and iPhone application.

HitFix was founded by industry veterans, Jennifer Sargent, CEO, and Greg Ellwood, Editor-In-Chief. The site is designed for an 18-34 year old 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. It recently hit the major milestone of over one million monthly unique users.

Jennifer Sargent commented, “It was refreshing to get in front of so many savvy investors at once. TCA members understood our content-driven business model immediately. The investment process was fast and efficient, which allowed me to get back to running my business quickly. I’m looking forward to a long and fruitful partnership.”

About Tech Coast Angels

Tech Coast Angels, www.techcoastangels.com, is the largest angel investor group in the United States. Its members provide funding and guidance to more early-stage, high-growth companies in Southern California than any other investment group. TCA members invest in companies in a wide range of industries, including the life sciences, biotech, IT, services, retail, Internet, financial, software, media, consumer products and tech startups. TCA members give companies more than just capital; they also provide counsel, mentoring and access to an extensive network of potential investors, customers, strategic partners and management talent. TCA has more than 250 members, including its venture capital affiliates, in five networks in Los Angeles, Orange County, San Diego, Westlake/Santa Barbara and the Inland Empire. More information on investment with Tech Coast Angels can be found at www.techcoastangels.com, www.facebook.com/techcoastangels or www.twitter.com/techcoastangels.

About HitFix

Profiled in BusinessWeek as one of “America’s Most Promising Start-ups,” HitFix brings the world of entertainment news and events to discerning fans that prefer entertainment journalism and events to celebrity scandal. For more information visit www.hitfix.com, www.facebook.com/hitfix, www.twitter.com/hitfix or www.youtube.com/hitfix.

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