Home  › Media › Mobile
paul-palmieri2

Millennial Media Raises $27.5 Million

  |  January 5, 2011   |  Comments

Money will be used for acquisitions and growth, particularly in Europe and Asia.

paul-palmieri2Further proving 2011 is thus far a hot year for digital ad firm fundraising, mobile advertising company Millennial Media has raised $27.5 million, bringing its capital to date to $65 million.

Millennial declined to comment on whether this was a Series D round. However, its most recent round was a $16-million Series C financing in 2009.

Previous investors Bessemer Venture Partners, Columbia Capital, Charles River Ventures and New Enterprise Associates participated. Millennial declined to name a lead investor.

The company’s website also lists Acta Wireless among its prior investors.

Proceeds will be used for growth, particularly in Europe and Asia, according to Mack McKelvey, SVP of marketing. The round will also fund further acquisitions. The company acquired mobile analytics company TapMetrics last year.

“In 2010, our business grew at an accelerated pace. We reached operational profitability, while growing revenue by [three times] as compared to 2009,” said Millennial CEO Paul Palmieri (pictured] in a written statement. "We launched formal operations in Europe… We have also made some early steps in Asia/Pacific that we expect to build upon aggressively in 2011."

Palmieri added the company has further invested in its technology platform, which supports Millennial's mobile ad network as well as ad programs operated by partners.

Millennial said its U.S. mobile ad network business reaches more than 85 percent of mobile Web users in the country and serves more than 17 billion mobile ad impressions each month. Its customers include McDonalds, Paramount Pictures, Lexus, Coca-Cola, Stella McCartney and Microsoft.

According to the Millennial website, directors include Palmieri; Wenda Harris Millard, president of Media Link; Patrick Kerins, general partner at NEA; Bob Goodman, partner at Bessemer Venture Partners; George Zachary, partner at Charles River Ventures; Jay Markley, venture partner at Columbia Capital; and Alan MacIntosh, managing partner at Acta Capital. McKelvey said there were no changes as a result of the most recent round.

Founded in 2006, Millennial had 100 employees as of December 2010 and plans to hire another “50-plus” in 2011, according to McKelvey.

ClickZ Live Chicago Join the Industry's Leading eCommerce & Direct Marketing Experts in Chicago
ClickZ Live Chicago (Nov 3-6) will deliver over 50 sessions across 4 days and 10 individual tracks, including Data-Driven Marketing, Social, Mobile, Display, Search and Email. Check out the full agenda and register by Friday, Oct 3 to take advantage of Early Bird Rates!

ABOUT THE AUTHOR

Lisa Lacy

Lisa Lacy is senior staff writer at ClickZ. In addition to ClickZ, her work has appeared in The Huffington Post, The Luxury Spot, LearnVest, MarthaStewart.com, GoodHousekeeping.com, amNewYork, and The Wall Street Journal. She's a graduate of Columbia's School of Journalism.

COMMENTSCommenting policy

comments powered by Disqus

Get ClickZ Media newsletters delivered right to your inbox. Subscribe today!

COMMENTS

UPCOMING EVENTS

Featured White Papers

IBM: Social Analytics - The Science Behind Social Media Marketing

IBM Social Analytics: The Science Behind Social Media Marketing
80% of internet users say they prefer to connect with brands via Facebook. 65% of social media users say they use it to learn more about brands, products and services. Learn about how to find more about customers' attitudes, preferences and buying habits from what they say on social media channels.

An Introduction to Marketing Attribution: Selecting the Right Model for Search, Display & Social Advertising

An Introduction to Marketing Attribution: Selecting the Right Model for Search, Display & Social Advertising
If you're considering implementing a marketing attribution model to measure and optimize your programs, this paper is a great introduction. It also includes real-life tips from marketers who have successfully implemented attribution in their organizations.

Jobs

    • Recent Grads: Customer Service Representative
      Recent Grads: Customer Service Representative (Agora Financial) - BaltimoreAgora Financial, one of the nation's largest independent publishers...
    • Managing Editor
      Managing Editor (Common Sense Publishing) - BaltimoreWE’RE HIRING: WE NEED AN AMAZING EDITOR TO POLISH WORLD-CLASS CONTENT   The Palm...
    • Senior Paid Search & Advertising Manager
      Senior Paid Search & Advertising Manager (Smarty Had A Party) - St. LouisCompany Description: A warm, loving, [slightly wacky] startup, we view...