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The Huffington Post has closed its third round of funding at $25 million — $10 million above previous estimates. The single investment from Oak Investment Partners was led by venture capitalist Fred Harman, who will now sit on the company’s board.

That will put the site’s valuation at just “south of $100 million,” according to a source of Kara Swisher’s at All Things D.

The money will be used to grow the site’s advertising capabilities, expand its local coverage and reporting capabilities as well as make strategic acquisitions.

The extra financial backing will also help HuffPo in the fight for dwindling ad dollars, which Harman, who is in Palo Alto, California, says has become more of a priority with the dwindling economy:

“Much of the news media business needs to be reassembled online around an ad-supported model and the timetable for this has been accelerated, not slowed, by this economic down cycle.

Source: Portfolio