Millennial Media Triples Revenue in 2010; Raises Additional $27.5M to Accelerate Growth
Market Position Solidifies in 2010 as the Independent Leader in Mobile Advertising
LAS VEGAS & BALTIMORE--(BUSINESS WIRE)-- After tripling revenues in 2010, Millennial Media, the independent leader in mobile advertising, today announced that it has raised an additional $27.5M in growth equity funding, with Bessemer Venture Partners, Columbia Capital, Charles River Ventures (CRV), and New Enterprise Associates (NEA) participating. This new investment brings the company’s equity funding to more than $65M and will be used to fund an acceleration of the company’s 2011 global growth plan.
Millennial Media plans to use the growth investment in part to build on its successful 2010 acquisition of TapMetrics, a mobile analytics company, with additional acquisitions in 2011. Additional investments will be made in the company’s international and platform lines of business.
“Millennial Media continues to be one of our best-performing portfolio companies, and has achieved profitable results. The company has exceeded its revenue and EBITDA projections for ten consecutive quarters,” said Patrick Kerins, General Partner, NEA. “As part of our growth equity strategy, we target companies like Millennial Media, as it has the seasoned management team, operational excellence and long-term vision to dominate the mobile advertising market.”
“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,” said Paul Palmieri, president and CEO, Millennial Media. “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.”
Launched more than four years ago, Millennial Media has been an undisputed force in the mobile display advertising industry. The company’s U.S. mobile ad network business reaches more than 85% of U.S. mobile web users, serves more than 17B mobile ad impressions each month, and counts 18 of the top 25 Ad Age advertisers among its clients. Millennial Media’s global operations reach mobile consumers in more than 250 countries. Additionally, the company’s technology platform powers mobile advertising programs operated by its partners, including leading media companies, OEMs, and mobile application developers.
Millennial Media is headquartered in Baltimore, Maryland, has offices in New York, London, and San Francisco; with sales offices in Detroit, Los Angeles, Chicago, Dallas, and Atlanta.
About Millennial Media, Inc.
Millennial Media is the proven leader in mobile advertising. With the largest mobile media audience in the U.S., Millennial Media uniquely offers brand advertisers the only set of specific, scalable audiences. Our ability to reach, target and engage consumers is unparalleled. As an innovative technology leader, our mobile decisioning, serving, and mediation platforms are powering some of the largest companies in the media business today. 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 and developers seeking to maximize ad revenue, and all mobile operators seeking to further monetize their networks. In 2010, the company received numerous industry awards including the 2010 OnMedia Top Private Company in Digital Media, the 2010 Stevie for the Most Innovative Company, and Paul Palmieri, president and CEO, was named the Ernst & Young Entrepreneur of the Year for Technology in Maryland. For more information, please visit http://www.millennialmedia.com, join our Facebook community, or follow us on Twitter @millennialmedia.
CONTACT:
Millennial Media, Inc.
Media and Analyst Inquiries:
Erin (Mack) McKelvey
SVP of Marketing
443 992 4193 (o)
443 878 5673 (m)
mack@millennialmedia.com
KEYWORDS: United States North America Maryland Nevada
INDUSTRY KEYWORDS: Technology Data Management Networks Telecommunications Other Technology Mobile/Wireless Social Media Communications Advertising Marketing Publishing Other Communications
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