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Ad Network for Internet Radio Wins Backing

Jeffrey Glass calls streaming audio “the unspoken success story of the Internet.”

TargetSpot secured $8.6 million in financing this week.

The money folks are led by Bain Capital Ventures, which gains a seat on TargetSpot’s board.

Jeffrey Glass of Bain Capital Ventures will join the board. In the announcement, he calls streaming audio “the unspoken success story of the Internet,” with online radio’s listener base up 27% a year since the beginning of the decade.

“This has had a phenomenal impact on both terrestrial radio stations and internet-only stations, and has resulted in the spawning of many new web 2.0 music networks.” He said the ad creation and targeting company is poised for “huge growth.”

TargetSpot has around 500 radio station clients; it describes itself as an “end-to-end advertising marketplace specifically designed for streaming audio.” Ad revenue is shared by TargetSpot and the participating broadcaster.

Existing investors Union Square Ventures, CBS Corp. and Milestone Venture Partners also participated.