The company plans to use the funds to accelerate technology development, expand internationally and explore acquisitions.
Across the board, the company is "exploring a host of new options for expanding the business both domestically and abroad," according to Joe Apprendi, CEO of Collective Media.
In a super-saturated market for ad networks, what attracted Accel to Collective? "In particular, the AMP targeting and display advertising management platform," according to Sameer Gandhi, a partner at Accel. "That set them apart in the ad network space."
Founded in 2005, the New York-based company operates AMP, its proprietary ad network management platform; the Collective Network, a premium display advertising network; Personifi, its semantic content classification and audience targeting solution; and its own performance-based ad network, the Directive Network.
The company also has offices in Boston, Chicago, Dallas, Detroit, Los Angeles and San Francisco.
In 2008, Collective claims to have experienced a revenue increase of over 200%, along with an EBITDA increase of 333% year-over-year.
Part of its success can be attributed to its willingness to partner with potential rivals in the broader ad technology sector.
Earlier this year, for example, Collective formed a strategic partnership with Rich media company EyeWonder to integrate EyeWonder's in-stream technology with Collective Media's display ad network.
The combined service offers media buying, delivery and reporting for online video advertising campaigns.