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AdBrite gets $23 million in VC funding

Investment in the AdBrite online ad marketplace follows an even larger funding announcement for rival Specific Media as the market heats up.

The online advertising market just continues to heat up.

Online ad marketplace AdBrite has received $23 million in Series C venture funding. The money comes from current investor Sequoia Capital, as well as from DAG Ventures and Mitsui Ventures. AdBrite launched a real-time auction model this year and was named the third-fastest growing young tech company in North America by Deloitte's Rising Star program.

The news follows an even larger funding announcement from rival online ad network Specific Media. Earlier this month Specific Media closed $100 million in Series B financing with private equity firm Francisco Partners.

The funding announcements come as big companies like Google, Microsoft and Yahoo are making acquisitions of ad firms in the hopes of getting a bigger piece of the growing online advertising pie.