tumrilogo.jpgTumri, online advertising company that lets publishers choose the type of advertisers they want to run in a so-called AdPod on their Web sites, has raised a $10 million second round of funding.

Lehman Brothers Venture Partners led the round, which included existing investors Shasta Ventures and Accel Partners.

There’s a whole gaggle of new advertising networks, perhaps too many, but with merger and acquisition fever raging in this sector, it makes sense that investors double their bets in the hope their companies get snapped up by a Google, Yahoo or Microsoft or a handful of more traditional ad giants seeking to enter online world.

Last month, VentureBeat covered Mountain View, Calif.-based Tumri’s AdPod service which allows publishers to display targeted product ads with themes that are relevant for their own sites (see example below). Tumri’s network includes advertisers such as Wal-Mart, Sears and Zappos. Revenue is split between Tumri and the publisher on a cost-per-click (CPC) or cost-per-action (CPA) basis.

Tumri also added two VPs to its management team. David Kim comes from search engine marketing firm Efficient Frontier to lead business development. Sandeep Nawathe comes from supply chain management firm Amphire to lead engineering.

This latest round brings Tumri’s total funding to $16.5 million.