Peer to peer social commerce provider Shopit has raised $2.5 million in Series B funding from new investors Emerson Ventures of Toronto, Canada.

Shopit will leverage its new funding to speed the development of its own advertising network and continue to roll out products and partnerships that facilitate commerce in communities all over the internet.

“In turbulent economic times, we are very pleased to have this backing from our investors, as it will enable us to continue our leadership in this exciting space,” said Matt Hill, CEO of Shopit. “This new funding will carry the company well into 2010, despite our plans to be profitable in mid 2009.” The financing commitment establishes a basis for which the company will prosper in a market where others may not, as pre-revenue or pre-profit companies.

Shopit is actively hiring more employees in the areas of advertising, sales and technology and is looking for talented and ambitious “go-getters” for its Los Angeles based headquarters.

Originally posted on October 21, 2008 @ 5:16 pm