BrightRoll Rolls in the Dough

BrightRoll said today that it’s wrapped up a $10 million Series C round of financing — after reaching profitability. The video ad network, which claims to be “bigger than Hulu,” plans to use the funds to expand even further, adding to its technology platform and growing its advertiser and publisher operations.

The new funding round was led by Scale Partners, with existing investors True Ventures, Adams Street Capital and KPG Ventures also participating. Along with the financing, BrightRoll announced that Scale Venture Partners Managing Director Rob Theis has joined its board. Altogether BrightRoll has raised a total of $16 million since being founded in July 2006.

According to data from Quantcast, BrightRoll has indeed grown larger than Hulu and the Hulu network, reaching 54.6 million unique users per month in the U.S. That compares to the 20.8 million unique viewers for and the 31.9 million viewers on the Hulu network. The company also says it has been profitable for the last 12 months.

BrightRoll recently rolled out a partner program to increase its potential reach. Partners include advertising companies, Auditude, FreeWheel and LiveRail, as well as video player companies including Brightcove and thePlatform.

(Disclosure: BrightRoll is backed by True Ventures, a venture capital firm that is an investor in the parent company of this blog, Giga Omni Media. Om Malik, founder of Giga Omni Media, is also a venture partner at True.)