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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™
Millennial Media operates mobile ad networks designed specifically
to best meet the diverse needs of agencies, brands, and direct marketers. With
Millennial Motion rich media for engaging user experiences, the Millennial
Marketplace for targeted audiences on premium content, and Decktrade
for large-scale performance campaigns, we help advertisers succeed
in meeting their objectives. Millennials are more than today’s
youth. With a larger population than the baby boomers and representing
more than 70% of mobile media usage, they are the mass market for
today and tomorrow, and Millennial Media provides the best solutions
to reach them. For more information please visit us at http://www.millennialmedia.com