Streaming ad network TargetSpot raises $8M to jam ads into online radio

TargetSpot, a provider of advertising for online radio services, announced today that it has raised $8 million in its most recent round of fundraising.

The network is geared toward music radio services like CBS Radio and Yahoo Music. Advertisers can purchase 5-, 15- and 30-second spots for online radio networks through TargetSpot. Those ads are streamed through TargetSpot’s software to each online radio service. The company has its own advertising serving technology and gives each advertiser the tools to drop an ad directly into one of their distribution partner’s audio streams.

The New York, N.Y.-based company was founded four years ago. It acquired Ronning Lipset Radio, another advertising firm, to become one of the largest radio-centric advertising firms in 2008. Its investors include Union Square Ventures, Bain Capital Ventures, CBS Radio and Milestone Venture Partners.

 http://venturebeat.com/2011/01/11/targetspot-funding-seriesa/#