LOS ANGELES--(BUSINESS WIRE)--July 02, 2013--
Tech Coast Angels (TCA), the nation's largest angel investor network, today announced that its Angel Capital Entrepreneurial Fund (ACE) committee has invested in a second round funding that helped raise $1.8M for HitFix, the top online destination for what's new in entertainment. Additional investors include, Golden Seeds, an investment firm dedicated to the empowerment of women entrepreneurs, and Gordon Crawford who committed a large personal investment in HitFix. Crawford is a retired influential investment fund manager best known for his 40-year career at Capital Group and dispensing wisdom to the titans of media, entertainment and technology.
"Since HitFix's inception, founders Jen Sargent and Greg Ellwood have built the top editorial team in the business, strategically using its angel investments to lead consumer discussion and deliver top-notch content to its growing fan base," said ACE deal committee member Ray Chan. "Their continued success and high-rate of expansion to digital partners such as AOL, Hulu and YouTube makes us confident that our money is in good hands."
HitFix is the fastest growing online entertainment news destination, reaching more than 4 million monthly unique users (with a higher concentration of the coveted 18-34 year old demographic than any of its competitors) and upwards of 50 million across its video distribution network.
"This latest round of funding continues to validate the work that our team does every day to bring the best entertainment content to our fans, " said co-founder and CEO Sargent. "We're humbled by this sizeable investment from some of the biggest names in the finance space, which will allow us to expand our reach across all platforms."
Since 1997, TCA has supported and funded more than 200 start-up companies. The ACE Fund gives both private and institutional investors the opportunity to access diversified, early-stage, game-changing entrepreneurial company investments that would otherwise be available only to experienced angel investors. For more information, visit http://www.techcoastangels.com/ace-fund.
ABOUT TECH COAST ANGELS
Tech Coast Angels is the largest angel investment organization in the U.S. founded in 1997. As a catalyst in helping build Southern California's economy into a thriving center of technology and entrepreneurship, the nearly 300 members of TCA collaborate with each other on due diligence and then make individual decisions regarding potential investments. Providing more than just money, TCA brings connections, knowledge, mentoring and operational assistance to bold early-stage entrepreneurs with game-changing ideas. Not limited to the technology industry, members invest in exciting companies in a wide range of industries including biotech, consumer products, Internet, IT, life sciences, media, software and environmental, among others. TCA is a not-for-profit organization. For more information, visit http://www.techcoastangels.com/.
Co-founded by Jennifer Sargent and Gregory Ellwood, HitFix is the top destination for 18-34 year old consumers to discover what's next in entertainment news and events. HitFix calls on the talents of renowned entertainment journalists such as Alan Sepinwall, Drew McWeeny, Daniel Fienberg, Kris Tapley and Melinda Newman to produce wide-ranging news, interviews and commentary on all aspects of entertainment. On a monthly basis, the site reaches over 4 million uniques directly and over 50 million users across their multi-platform video distribution. For more information visit www.HitFix.com, www.facebook.com/hitfix, www.twitter.com/hitfix or www.youtube.com/hitfix.
CONTACT: For Tech Coast Angels
Justine Mrsich, 714-573-0899 ext. 238
SOURCE: Tech Coast Angels Copyright Business Wire 2013