Video ad tech firm TubeMogul has raised $82.9m (£53.5m) in a secondary market offering, with shares selling at over double the price it saw during its IPO less than a year ago.

The ad tech firm is still transitioning from venture capital-funded shares, selling them back to the public market, but the new sale of around 5.3m shares, selling at $15.75 each, marks a considerable step forward.

According to Brett Wilson, CEO of TubeMogul, the offering will strengthen the firms balance sheet while also indicating to the market the firm is maturing and continuing to go from strength to strength.

The sale comes shortly after a number of executives and venture capitalists warned that VC capital for ad tech companies was “running dry” in The Wall Street Journals CMO Today, as investors become more and more picky with their money and seek companies offering more guaranteed returns.

Tech investment bank Luma Partners also issued a worrying report for ad tech firms recently, indicating that the overall value of public ad tech company stocks had dropped over 12 per cent in Q1 2015, leading some to speculate that the ad tech bubble may have burst.

TubeMogul saw revenues increase 38 per cent year-on-year in the first quarter of 2015, with $30.3m brought in, but overall had a net loss for the quarter of $7.1m, up considerably from its $800,000 loss in Q1 2014.