Mixpo, the Seattle online video advertising startup, has pulled in an additional $4 million from existing investors Madrona Venture Group, Yaletown Venture Partners and Growthworks Capital.

Similar to what Madrona-backed AdReady is doing with display advertisements, Mixpo allows small advertisers to create their own video ads. It then helps the advertisers distribute those ads and track the results.

The economic recession is taking a big bite out of the advertising market. But Mixpo CEO Anupam Gupta told me back in October that he was feeling good about the business, given that advertisers are shifting dollars to areas where results can be measured.

The investment announcement follows news that Mixpo had inked deals with Comcast, NBC Local Media and Tribune. It also announced today that it had been named an AlwaysOn OnMedia award winner.

"In today's tough economic times, there are lots of companies whose business models are eroding and facing disruption, namely, traditional media companies and the advertiisng [sic] industry as a whole," the company writes in a blog post. "For Mixpo, we like to think our technology is disruptive BUT in a way that helps traditional media companies - in newspaper, broadcast television, and radio TRANSFORM themselves online and compete."