Millennial Secures $27.5m for Global Expansion

After tripling its revenues in 2010, mobile ad network Millennial Media has raised an additional $27.5m (£17.7m) in growth equity funding, with Bessemer Venture Partners, Columbia Capital, Charles River Ventures (CRV), and New Enterprise Associates (NEA) participating.

The new investment brings the company’s equity funding to more than $65m. The company says it will be used to fund an acceleration of its global growth plan. Millennial acquired TapMetrics, a mobile analytics company, in 2011, and says that additional investments will be made in the company’s international and platform lines of business during 2011.

“The mobile model continues to expand beyond the phone, and is becoming the new, device-based internet via apps on everything from refrigerators to tablets to televisions,” says Millennial Media president and CEO, Paul Palmieri. “Our market position, proposition to the mobile and app economies, and ability to show exceptional results are already solidifying our central role in the digital advertising business.”

Millennial’s US mobile ad network business reaches more than 85 per cent of US mobile web users, and serves more than 17bn mobile ad impressions each month, while its global operations reach mobile consumers in more than 250 countries.