In-app mobile video advertising platform Vungle has closed a $17 million Series B funding round.

The round was led by Thomvest Ventures with participation from existing investors - Crosslink Capital, Google Ventures, AOL Ventures, SoftTech VC, and Webb Investment Network.

It follows on from the $6.5 million the company raised in August 2013.

Vungle says it will be using the investment to build and release a suite of advanced monetisation tools, including what it claims will be the first in-app mobile video ad exchange.

Called Vungle Exchange, it's designed to make the process from brand demand to app supply as simple and frictionless as possible.

Take the money and build

"We saw the opportunity to add a great capital partner in Thomvest, so we decided to raise a round, even though the business did not need the money to sustain itself," said Vungle CEO Zain Jaffer.

"With this new investment we can aggressively scale across Europe and Asia and build a meaningful technology offering where publishers and advertisers can easily interact and create value."

As a result of the round, Vungle is also opening an office in Berlin, with one in Asia planned for the next months. This is one element of the company's goal to triple its headcount during 2014.