Glam Media must have some lofty goals for their women focused media network. Today they announced that they’ve raised an $84.6 million round combining $64.6 million in Series D financing and $20 million in debt financing. This is one of the largest rounds of financing for a “new media” company. Glam Media is a large ad network across over 450 lifestyle websites and blogs. Just about every week I receive a news alert about Glam Media hiring another executive to their management team. Apparently they don’t like to run things lean.

Last August, Mike Arrington asked if Glam is a big sham. Matt Marshall disagreed but also pointed out that the majority of Glam’s traffic comes from larger websites such as MyYearbook.com, Meez and Dogster. Having most of their traffic based on a few key partnerships is highly risky especially considering that even larger such as Fox and Google have the potential to split their ad deals.

One of Glam’s largest competitors is iVillage which is owned by NBC. The most interesting aspect of this round of financing in addition to previous rounds is how comScore data is consistently used to prove their lofty valuation. Month after month Glam Media is listed among the fastest growing websites. There are rarely any other statistics provided and it makes these deals a little bit sketchy. With almost $85 million in the bank you can bet that Glam’s investors have done their due diligence and have verified that these numbers aren’t all smoke and mirrors.