FreeWheel, an online video advertising platform that helps broker revenue-share deals between content providers, distributors and publishers, has closed $12 million in a third round of funding provided by Foundation Capital and Battery Ventures.

Based in San Mateo, Calif., the company counts Joost, Next New Networks and car ad network Jumpstart Automotive Media among its clients — which include 15 ad networks and distributon partners and 15 content providers. It also works with CBS and Warner Brothers. It has 70 employees.

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