Millennial Media Raises $15 Million to Extend Leadership in Rapidly Growing Mobile Advertising Marketplace

Leading mobile ad networks company builds on significant momentum

BALTIMORE, MD, November 6, 2007, Millennial Media, the cross-platform mobile advertising company, today announced it has secured $15 million in B-round financing to aggressively extend its leadership position in the fast-growing mobile advertising industry. The company plans to intensify its investment in delivering solutions to advertisers and agencies to reach consumers via mobile devices and build on its position as a leading mobile ad network. Millennial Media’s additional growth initiatives include sales and international business development to complement its premier network. This Series B funding brings the total raised in 2007 to $21.3 million.

The funding was led by Charles River Ventures (CRV) and as part of the investment, Millennial Media appointed CRV’s George Zachary to its board of directors. Zachary brings more than 17 years of operating and investing experience in computing and consumer technology with a successful focus on building great services and software technology companies. He led CRV’s investments in Areae, Geni.com, GoTV, Skyrider, Twitter and is on each company’s board of directors. Existing investors Bessemer Venture Partners and Columbia Capital also participated in the financing.

“As mobile advertising moves from early adoption to broad inclusion in media planning and buying, expect the market for mobile ads to be robust,” said George Zachary, board member of Millennial Media and general partner at Charles River Venutures. “With the broadest product set, choice mobile ad networks and a stellar team, Millennial Media is well-positioned to be the leader in this growing market.”

Millennial Media is led by a team of mobile and advertising industry veterans that helped Motion, Marketplace™ and Decktrade™, the company’s flagship products, become some of the most effective mobile advertising solution in the US. These industry-leading mobile ad networks are designed specifically to best meet the diverse needs of agencies, brands and direct marketers. With Motion for rich-media user experiences, Marketplace for delivering reach and brand engagement and Decktrade for performance campaigns, the company helps advertisers succeed in meeting their objectives.

“We will continue to aggressively invest in building the global mobile advertising opportunity for advertisers, and continue delivering the richest demand in the industry to publishers,” said Paul Palmieri, CEO of Millennial Media. “We have an outstanding team, a vast network of strategic publishing partners and capabilities far beyond our competition.  These valuable assets combined with our strong sales competencies are in place at a time when the mobile advertising market is experiencing explosive growth.  Our employees, partners and investors are focused on leading this emerging market.”

“Rarely have I seen a company as well-positioned as Millennial Media to proactively lead a market,” said Ron Elwell, Partner at Bessemer Venture Partners. “The company is one of our best performers and is clearly moving the needle with its recent partnership wins.”

About Millennial Media, Inc.
Millennial Media, the largest and fastest growing mobile advertising network in the U.S., offers the only true, end-to-end platform for mobile advertising – with full-service and self-service solutions designed to meet a vast spectrum of marketing objectives. With rich post-click solutions for engaging user experiences, the MBrand™ network for targeted audiences across premium content, and Decktrade™ for large-scale performance campaigns, Millennial Media’s suite of solutions will meet any advertising need. The company is committed to growing the mobile advertising marketplace by becoming the preferred partner to all advertisers seeking to reach mobile consumers, all publishers seeking to maximize ad revenue, and all mobile operators seeking to further monetize their networks. For more information, please visit http://www.millennialmedia.com or follow us on Twitter at www.twitter.com/millennialmedia.

Media and Analyst Inquiries
Erin (Mack) McKelvey
VP of Marketing
443 992 4193 (o)
443 878 5673 (m)
mack@millennialmedia.com

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