PHIT was founded as a nonprofit in October 2005 by Greg Maughan,[2] with assistance from local improvisers Bobbi Block, Matt Holmes and Alexis Simpson.
[3] Viewers of Philadelphia's local FOX affiliate, WTXF-TV, voted PHIT as the city's Best Comedy Club in their 2009 Hot List competition.
The theater formerly produced weekly performances by ten improv comedy house teams (The Future, Big Baby, Hoffman, 1816, Fjord, Channel 77, Swan Year, Metropolis, PG-13, and Hackett Park), three sketch comedy house teams (The Flat Earth, Dog Mountain, and Goat Rodeo) as well as independent improv and sketch groups.
From March 2006 until January 2008, PHIT produced a monthly improv comedy show at Fergie's Pub in Philadelphia's Center City.
[6] In January 2014 PHIT opened its permanent home on Second Stage at the Adrienne Theater in Center City Philadelphia at 2030 Sansom Street.
PHIT's curriculum is based heavily on similar programs at Chicago's Second City Training Center and iO (formerly ImprovOlympic), and New York's Upright Citizens Brigade Theatre.