Ad networks are still catching money like rain. AdBrite raised $23 million from existing investors Sequoia Capital and Hedge fund Artis Management, reports Dan Primack. This is on top of $12 million, the company has already raised. In October, comScore ranked AdBrite as the 26th largest ad network after MySpace. Its ads reached 71 million people that month, representing a 39 percent reach of U.S. Internet traffic.

AdBrite, which was founded by Philip “Pud” Kaplan of FuckedCompany.com fame, targets ads based on demographics. It also offers an embeddable video player that incorporates ads as clickable watermarks.