San Mateo,
– FreeWheel, a provider of
video advertising technology, announced on Monday that it has closed a $16.8
million round of funding, led by Steamboat Ventures.

Previous backers including
Time Warner’s Turner Broadcasting System, Battery Ventures and Foundation
Capital also participated.

Founded in 2007, San Mateo,
Calif.-based FreeWheel’s platform lets media firms and content distributors
manage ad sales rights, produce inventory forecasts, deliver and analyze the performance
of video ads.

The company has added new clients including Turner, VEVO,
and Discovery Communications in the past year, and now serves over 2 billion ad
impressions per month.

The company will use the funds to scale its
infrastructure to support new and existing clients, as well as for
international expansion and continued product development.


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