AdMob, a mobile advertising marketplace provider based in San Mateo., Calif., has raised $15.7 million in Series C funding from Sequoia Capital and Accel Partners.

The round, which brings the total amount of funding for AdMob to $34.3 million, signals the power of the mobile platform for advertising at a time when businesses across the board are tightening their belts — and many startups are laying off staff or shutting down altogether.

Sequoia and Accel are encouraging AdMob to grow aggressively, according to V-P of Marketing Jason Spero. And with the extra cash on hand, AdMob’s staff of 80, around half of whom are engineers, could reach 150 by the end of next year. The company has also turned cash-flow positive, he added.

http://gigaom.com/2008/10/21/admob-raises-157m-in-series-c-funding/