The round was led by H.I.G. Growth Partners and comes, according to the company, at a time when SpotXchange has been profitable for nearly a year now.
With the fresh funding, SpotXchange aims to help expand its auction-based video advertising platform and its marketplace of integrated, in-stream video ad inventory. The company also has plans to expand internationally.
The network has consistently been ranked as a comScore top five video ad network in the U.S. and the number one video ad network in several countries outside of the U.S., including Canada and the U.K.