"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," said Fred Wilson, managing partner at Union Square Ventures and TargetSpot board member. "The funding will help us accelerate TargetSpot's growth trajectory by expanding our advertising product lineup on both the web and mobile platforms."

"We have seen a rapid transition of online audio advertising into an essential component of the media buy for the largest national and regional brands," said Jeffrey Glass, managing director at Bain Capital Ventures and TargetSpot board member. "TargetSpot's growth this past year has dramatically outpaced the market and by investing more capital, we will be able to deepen our national footprint to best serve our rapidly growing advertiser base."

Building on its continuous innovation in advertising rooted in R&D leadership, TargetSpot plans to enhance its investments in targeting applications, analytics, and multi-platform consumer engagement. Additionally, the company will be expanding its sales force and support teams to better serve new and existing clients.

"Going into 2011, we will put more emphasis than ever on providing our advertisers solutions that offer precision, engagement, and high impact across our digital audio network," said Eyal Goldwerger, chief executive officer of TargetSpot. "With our increased capital investments, we will continue our commitment to being the key driver of growth and innovation in the digital audio advertising market."