This startup connects national brands and local advertisers alike to the online radio and video audience.
TargetSpot offers advertisers a self-service advertising platform as well as traditional ad account executives. Campaigns featuring audio, display and pre-roll video ads are placed across TargetSpot's network of online properties, which it says are in the thousands.
Advertisers can also target consumers by geography, demographics and even listening preferences. They also get the benefit of real-time analytics.
The funds raised in this Series C will be used to grow the startup's advertising technology, expand its network of properties and hire more salespeople.
In a release, Fred Wilson said, "TargetSpot has been a pioneer in developing the digital audio advertising market. Its early investments created the largest network of its kind, incorporating many of the leading online radio groups and pureplay music streaming companies.
"The funding will help us accelerate TargetSpot’s growth trajectory by expanding our advertising product lineup on both the web and mobile platforms."
The startup hasn't taken funding since March 2008, when it raised an $8.6 million Series B. All current investors, with the exception of CBS Radio, also participated in the previous round.
That alone serves as evidence that the traditional media outlet is taking online radio (and online radio advertising) quite seriously. CBS Radio is also one of TargetSpot's distribution partners.