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Legolas MediaLegolas Media, a next generation audience marketplace, has raised $5 million in a second round of funding.

The mission of Legolas Media is to provide insights to allow for more precise advertisement targeting. The company does this by providing a marketplace where buyers and sellers of digital advertising space can trade audiences similar to how stock investors trade futures. Companies construct audience segments and target them across a number of publishers.

The funding was led by Valhalla Partners and existing investors Greylock Partners and Blumberg Capital also participated in the round. Valhalla’s Kiran Hebbar will be joining the board as a result of the round.

Says Kiran Hebbar, a Partner at Valhalla Partners, “We are very interested in the Legolas team and the opportunity. The idea of a marketplace where brand advertisers can deliver high value campaigns with premium inventory and targetable audience is a winning idea.”

Legolas media, which was founded in 2009, is based in New York.

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