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Federated Media Publishing, a Web advertising provider that delivers ads to blogs (such as Mashable), is seeking between $20 and $30 million dollars in a new round of funding.
According to Stefanie Olsen of CNET News, the desired amount is a moving target, but it will add to an earlier investment from JP Morgan of $4.5 million. While the company is only three years old, it is already profitable, and even turned down a buyout offer of $100 million just last year.
The Sausalito, CA-based company has retained investment bank GCA Savvian Advisors to handle all forthcoming investment inquiries. Speculation is that funding will be used for further expansion to more blogging networks, as well as improving their ad delivery technology.