Glam Media and Adconion Media plan to announce today the completion of new funding reports the Wall Street Journal. Investors have been pouring money into online ad networks that sell ads that appear on third party web sites as advertisers are looking for ways to reach target audiences.

Glam, based in Brisbane, Calif., has raised $65 million from investors to date. Glam plans to use the funding to expand its international operations and network of partner sites and to acquire other sites and advertising technology. The company is targeting revenue of $100 million this year and it is estimated to be valued at around $500 million, say sources. Glam displays ads own its own sites and on the web sites that are part of its ad network. The ads are targeted at women on topics such as style, entertainment and fashion. It also sells ads on more than 450 partner sites such as stylebakery.com and Premiere.com. According to comScore Glam reached 25 million U.S. users in January.

“Display advertising is a good area for investment because it’s outpacing all other forms of traditional television and print ads as well as other areas of digital advertising in growth rates,” says Samir Arora, Glam’s chairman and chief executive.

Adconion, a U.K. based online ad network plans to announce that it has closed an $80 million investment. Adconion plans to use 25% of its new funding to expand its U.S. operations, 50% to invest in new technology and the rest for acquisitions. Founded in 2004, Adconion works with ad agencies and advertisers to sell ads that appear on about 350 Web publishers’ sites, including the Drudge Report, Sony’s video site Crackle, and Demand Media. According to comScore, the network of web sites where Adconion brokers ads reached 98.74 million unique U.S. visitors in January, or 53.4% of the U.S. Internet audience.