Millennial Media awarded $16m funding
New Enterprise Associates (NEA) was joined by existing investors Bessemer Venture Partners, Columbia Capital and Charles River Ventures.
The firm said it had plans to make “significant” investments with the cash, including expanding its European activities and attracting new talent.
Paul Palmieri, Millennial Media’s president and CEO, said: “Today, Millennial Media reaches more US consumers on mobile devices than any media company large or small. We chose to raise this round of growth capital to continue to drive the growth of the overall market and expand our substantial leadership position in it by focusing on the needs of advertisers.”
NEA general partner Patrick Kerins called Millennial Media the “crown jewel of the market” and said it was poised to aggresively increase market share both in the US and abroad.
Last week, one of Millennial’s main rivals, AdMob, agreed to be bought by Google in a $750m deal.
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1 Comment
mobiThinking
16 years ago
It’s interesting to see that Millennial is taking PE investment, when all the pundits were predicted a rash of sell-offs of mobile ad networks, following Google/AdMob. Perhaps this has something to do with the different business models of Millennial and AdMob? If you want to learn more about Millennial, AdMob and other ad networks may I suggest this guide to mobile ad networks: http://www.mobithinking.com/mobile-ad-network-guide
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