Millennial Media Secures $16 Million in Funding / Welcomes Pat Kerins to Board of Directors

Today we announced the closing of our Series C round of financing.  The round was $16MM in growth capital, led by new investor, NEA.  Our existing investors, Columbia Capital, Charles River Ventures, and Bessemer Venture Partners also invested in the round of financing.  This capital is the second of two big deals in the industry in less than one week, and is a great indication of how vast the market for mobile media networks will be.

Millennial Media is proud to welcome Pat Kerins to our Board of Directors. NEA has a fantastic track record and is among the best firms in the business.  We have known Pat for some time and know he will add a lot of value to what we do every day.

Although we had a path to profitability without this funding, we decided to accelerate our growth and to widen the leadership gap between what we do and what others do.  As we have grown into the leading mobile media network, we have brought many products, solutions, and innovations to the market and we look to keep delivering for our customers.  Over the years our customers have rewarded us for our relentless focus on the advertiser, pursuing and sticking to one business, and for the high level of service we provide.   We now have the capital to drive our leadership independently for the long term.

As we look to the future, we are extremely focused on continuing to strive to be smart, client focused, and innovative.  More and more brands are moving dollars into the space and we continue to amass the largest audience to serve them with targeted audiences at scale.  Our publisher and developer network receives the benefit of strong monetization and the scale of campaigns as well.

Look for some great programs and more insightful research from Millennial Media as we take this journey together, and we will continue to strive to be the best in the industry.

In partnership – Paul