New York based, Collective Media, has closed $20 million in Series B financing, led by Accel Partners in conjunction with iNovia capital.

The online ad network, which was founded in 2005, has been growing rapidly in the past year.  Collective Media, says it saw revenue increase over 200% and EBITDA soar 333% in 2008. 

The company has created its own ad technology solutions which serve online publishers, agencies and advertisers.  One of these technologies, AMP, allows online publishers to create their own proprietary ad networks and evaluate ad performance based on demographics, geographics, behavorial or contextual criteria.

Collective Media claims to serve nearly 300 brand name advertisers and over 250 premium publishers from its seven office in the US.  

Accel Partners, which is leading this financing round, has a portfolio of digital media companies including Facebook, Glam, Trulia and Admob.  

Collective Media plans to use this funding for organic growth, help accelerate technology development, expand internationally and explore acquisitions. 

Collective Media isn’t the only company in this space getting funded.  The Rubicon Project, an Internet advertising technology company, announced it added $13 million in VC funding today from Clearstone Venture Partners, bringing this round of investments to a total of $33 million.