HitFix Closes Funding and Achieves EBITDA Positive

HitFix Closes Funding and Achieves EBITDA Positive

LOS ANGELES, Jan. 20, 2012 /PRNewswire/ -- HitFix (www.HitFix.com), one of the fastest growing film, TV and entertainment sites online, announced today that it completed its funding round in 2011. Participants in the round included existing investors Golden Seeds, Tech Coast Angels, Liquid Capital Group and a number of prominent individual angels. The company, which went live three years ago and generated revenue from day one, closed the final tranche of its round in December after a highly successful year.

Randy Domolky, Managing Director of Liquid Capital Group commented, "HitFix is one of the most capital efficient companies in our portfolio. They are a great model for other companies with respect to doing more with less, for delivering on what their audience wants and for keeping a healthy balance between growth and quality."

HitFix has raised less than $5 million to date in combined Seed and Round A funding, yet was able to achieve positive earnings in December 2011. Annual revenue in 2011 grew by 233%.

"HitFix is extremely capital efficient, reaching metrics achieved by similarly aged sites for a fraction of the cost. Proving our model through high growth, immediate monetization and profit has been a key focus of the team," added CEO, Jennifer Sargent.

During 2011, HitFix reached 2.5 million users and exceeded 100 million page views. In addition, the company has a daily reach of 1.1 million through social media outlets Twitter and Facebook.

HitFix has several product enhancements under development which will roll-out in 2012, including launches of community-focused message boards and its first iPad app. Continued innovations in personalization, custom alerts, HitFix's proprietary localized event calendar, as well as the ability to syndicate the calendar app to third parties will bring even greater scale to HitFix's business in 2012.

About HitFix
Co-founded by Gregory Ellwood and Jennifer Sargent, HitFix is the ultimate destination for 18-34 year olds to discover what's next in entertainment news and events. HitFix utilizes the talents of renowned entertainment commentators and journalists such as Alan Sepinwall, Drew McWeeny, Daniel Fienberg, Melinda Newman and Kris Tapley to produce wide-ranging news, interviews and commentary on all aspects of entertainment. The site reaches more than 2.5 million unique users each month and is designed for an 18-34 year old demographic. For more information visit www.HitFix.com, www.twitter.com/hitfix, www.facebook.com/hitfix or www.youtube.com/hitfix.

SOURCE HitFix

HitFix

CONTACT: CONTACT: Kyle Wilson, HitFix, Inc, 323-397-7341, kyle@hitfix.com

Web Site: http://www.HitFix.com

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