Streaming audio ad company TargetSpot has raised an $8.6 million second round funding led by Bain Capital Ventures. Previous backers CBS Corp. (NYSE: CBS), Union Square Ventures and Milestone Venture Partners returned for this round. Late last week, NY-based TargetSpot was tapped to provide the end-to-end marketplace for advertisers for the soon-to-merge forthcoming CBS Radio-AOL (NYSE: TWX) internet radio network. TargetSpot closed its first round last April for an undisclosed amount.
The company plans to use the capital from this round to hire more salespeople as well as more tech specialists to build up its system. Although it’s working with CBS, TargetSpot still tries to put forward a populist stance, noting that advertisers can open account with just $50. Release