With advertising dollars going digital, Access 360 Media is looking to cash in on the time people spend away from their computers. The outdoor ad network just closed a round of more than $40 million in debt and equity financing, led by Columbia Capital.

Access 360 Media’s ad network runs digital display ads in approximately 100 shopping malls and professional sports venues nationwide.  The company claims to reach 54 million viewers monthly on over 20,000 installed displays.

While Access 360 Media is announcing a $12 million equity round from Columbia and previous investor Mission Ventures,  sources close to the company told me Columbia Capital is also providing a credit facility between $30 and $40 million to finance acquisitions. Access 360 Media acquired Arena Media Networks out of bankruptcy in April last year, allowing the company to expand its network to over 50 arenas and stadiums.

Access 360 Media previously raised $8 million from Mission Ventures and Bessemer Venture Partners in 2008. Bessemer also invested $4.25 million in a 2006 series A round of financing.

The company’s brand clients include Procter & Gamble, Macy’s, Verizon and General Motors, a roster which gives Access 360 and its investors confidence that the company’s digital outdoor display advertising network can compete with TV for brand advertising dollars.

“As audiences get more difficult to reach in traditional media as a result of increased DVR penetration and fragmentation across so many TV channels, we think advertisers will look for ways to interact with their customers on digital platforms outside the home,” Columbia Capital Partner Jeff Patterson said in a statement.

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