Video ad optimization firm TidalTV announced it raised an additional $30 million in financing Thursday, in a round led by New Enterprise Associates that also included existing investors Comcast Interactive Capital and Valhalla Partners. The funding comes on the heels of TidalTV launching a new offering for mobile video ad serving earlier this month, and will be used to expand internationally.
TidalTV, which was founded in 2007, began as a video destination site but now focuses on providing a technology platform for targeted video ads. It’s led by former Advertising.com CEO and co-founder Scott Ferber and recently opened a London office.
TidalTV’s last funding announcement came about a year ago, in a $16 million round led by Comcast. Altogether, TidalTV has raised $61 million in financing over three rounds. According to the press release, TidalTV’s funding will be used to expand operations as TidalTV expands internationally and to support new platforms like mobile and connected TV. The company’s headcount is currently at around 80 employees, which is double what it was a year ago. It plans to expand even further, growing to 120 employees by the end of the year.
But TidalTV isn’t the only online video ad firm to be raising cash. The funding round was announced just a few days after another video ad network, Adap.tv, announced its own $20 million funding round.
And YuMe announced a $25 million funding round a little more than a month ago. So why’s so much money pouring into online video ads? Probably because the online video ad market is expected to triple over the next few years, from $1.97 billion in 2010 to $5.71 billion in 2015, according to eMarketer.