AdBrite, an Internet advertising company, has raised $23,000,000 according to PaidContent.org. Om Malik is saying it’s probably not the last infusion. The company raised $4 million in 2004 and $6 million in 2006 for a grand total of $35,000,000 to date. My only question: where the heck does all this money go?

I can see this kind of money would be necessary for something like a startup pharmaceutical company, where the cost of entering the game in both equipment and specialized knowledge is astronomical. But an Internet company? I just don’t see why so much is necessary. After four years, shouldn’t the company be making enough to fund it’s own growth?

I can’t imagine the first investors who put in the initial $4 million are pleased. If I’m missing something here, please let me know. But this news just solidifies the fact that I just don’t get the VC world.