Digital Audio Advertising Company TargetSpot Lands $8 Million

TargetSpot, which operates a large digital audio advertising network, this morning announced that it has secured $8 million in equity financing from Union Square Ventures, Bain Capital Ventures, CBS Radio and Milestone Venture Partners.

The New York City-based company says it will use the capital to fuel growth investments in its advertising technology, expand its network and to grow its national sales force.

TargetSpot connects brands and advertisers to Internet and mobile audiences. Advertisers can use TargetSpot’s self-service advertising platform or work with its account management team to create campaigns delivering audio, display and pre-roll video advertising across a network of “thousands of online properties”.

TargetSpot, which launched in 2007, boasts more than 77 distribution partners, including CBS RADIO, AOL Radio, Live 365, Yahoo Music and MySpace Music.