Millennial Media is a Baltimore-based mobile ad network that operates a large independent ad exchange and manages private mobile ad networks for major media companies. Its platform powers self-service ad networks for publishers and has outsourced mobile advertising relationships with at least one 'prominent internet media company.' IDC estimated Millennial follows close behind Google and Apple in U.S. mobile advertising market share; its ads reach 63 million of 77 million U.S. mobile web users (about 81%). The company tripled revenue in 2010 compared with 2009 and achieved profitability; IDC had pegged 2009 U.S. mobile ad revenue at $35 million, so revenues could be well over $100 million. Millennial acquired analytics startup TapMetrics and says it plans to acquire aggressively. Leadership, including co-founder Paul Palmieri, says the company intends to remain independent with ambitions to go public and will use new funding to grow aggressively, particularly in international markets like Asia and Europe. Millennial Media operates a mobile advertising network and offers a mobile media planning platform for agencies. The company positions itself as a leading mobile ad network in the U.S. and sells tools to advertisers and agencies. It plans to use new funding to strengthen its U.S. leadership, accelerate international expansion, and drive wider penetration of its planning platform. Millennial Media was launched in May 2006 and is headquartered in Baltimore, Maryland, with offices in New York, Los Angeles, San Francisco, Chicago and London. The company completed a growth financing to support market growth and expand its position, according to CEO Paul Palmieri. Millennial Media is a Baltimore, Md.-based company that serves ads to mobile phones in the rapidly expanding mobile advertising market. It supplies ad inventory to mobile sites and apps and has announced deals to serve ads on MySpace’s mobile site and other News Corp. properties, including IGN, FOXSports.com, AskMen.com and RottenTomatoes.com. The company has drawn scrutiny for aggressive marketing tactics, including running a fake ad counter on its homepage that overstated ad volume. Financially, Millennial raised a $15 million second round led by Charles River Ventures and had earlier raised $6.3 million in a first round from Bessemer, Columbia and Acta Wireless. Existing backers Bessemer Venture Partners and Columbia Capital participated in the new round. The article cites market estimates that the mobile ad market could grow to more than $16 billion within four years.

Total raised

$59M

Funding rounds

3

Latest round

Equity

Latest activity

Jan 2011