Online video ad network Tremor Media raises $18M

Tremor Media, a leading online video advertising network, announced the closing of $18 million in Series C funding Thursday. Tremor will use the funding to continue development of its Acuedo video advertising monetization platform and its general ad network.

Meritech Capital Partners led the funding round, along with Canaan Partners, Masthead Venture Partners, and European Founders Fund, all of which previously invested in Tremor Media. The round of funding comes after Tremor reported its third consecutive year of triple-digit revenue growth. The company claims it now is the fourth largest video streaming aggregator, according to comScore data.

"Tremor Media has proven itself to be an innovator in the video advertising marketplace, and has developed highly successful solutions to address the video industry's most challenging pain points," said Mike Gordon, managing director of Meritech Capital Partners, who will join Tremor Media's board of directors. "As leaders in the high-growth area of online video, Tremor Media represents an ideal late-stage capital investment with enormous opportunity for growth."

Tremor is the latest online video company to draw down funding in 2009, as at least five other companies have gotten multi-million dollar deals since Jan. 1. The growth potential of the online video industry seems to be encouraging funding, even in a tough economic environment. 

For more:
- see the Tremor press release here 

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