Mobile Ad Firm Millennial Media Gets $16 Million Funding

Millennialmedia

Mobile advertising’s first deal announcement post Google-buying-Admob for $750 million isn’t an acquisition, as people expected, but a big funding round. Millennial Media, the Baltimore-based rival to AdMob, has received $16 million in third round, led by New Enterprise Associates (NEA) with existing investors Bessemer Venture Partners, Columbia Capital, and Charles River Ventures participating. This means Millennial won’t be sold, at least in the short term. The new money will be used, among other things, for European expansion, it said. It is among the largest mobile ad networks in U.S., and by some counts even larger than AdMob. Launched in May 2006, the company has raised a total of $37 million in these three rounds. Details in release and CEO Paul Palmieri’s blog post.

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