TargetSpot Raises $8 Million To Expand Its Digital Audio Ad Network

Closeup of old radio

CBS (NYSE: CBS) Radio-backed TargetSpot, which bills itself as the biggest digital audio ad network, has raised $8 million in its latest round of funding. TargetSpot’s partners include MySpace (NSDQ: NWS), which turned to the company last year to place 30-second audio ads on MySpace Music. Other sites in its network include AOL (NYSE: AOL) Radio, Yahoo (NSDQ: YHOO) Music, and Slacker, as well as the sites of radio broadcasters Entercom and Saga Communications.

The company says it will use the new funding in part to “rapidly grow” its sales force and expand its network. TargetSpot last raised a round of funding in March 2008, when it got $8.6 million in a round led by Bain Capital Ventures. In addition to CBS, its other backers include Union Square Ventures and Oddcast. The latest funding comes from Union Square, Bain, CBS and Milestone Venture Partners.

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