Millenial Media Raises $16M Equity Financing

Millennial Media announced today the company has closed on a $16M Series C round of growth funding, led by New Enterprise Associates (NEA) with existing investors Bessemer Venture Partners, Columbia Capital, and Charles River Ventures participating. The new growth financing will be used to continue to strengthen Millennial Media’s position as the leading mobile ad network in the U.S., as well as finance accelerated international expansion, advanced targeting products, and wider-penetration of its mobile media planning platform for agencies.With this new funding, the company intends to make significant investments as the leading independent player in the mobile ad space, including:* Scale past the profitability point to capture the enormous growth of the mobile display advertising business* Global acceleration, particularly supporting the company’s 2+ year successful efforts in Europe by expanding our London presence* Attract world class talent in the engineering and sales organizations* Market deployments of major developer monetization programs on behalf of Handset, OS, and service providers* From media planning tools to audiences, the company is scaling the technologies, data and insights to bring the full potential of mobile to advertisers“Millennial Media has achieved a commanding lead in the mobile advertising category over the largest internet and mobile incumbents,” said Patrick Kerins, General Partner, NEA. “Millennial is the crown jewel of the market, has the capital, talent and technology to continue to win in the marketplace and is poised to aggressively take share both in the U.S. and beyond.”