Millennial Media Adds $15 Million

Millennial Media, a Baltimore, Md.-based mobile advertising startup, has raised $15 million in Series B funding. Charles River Ventures led the deal, and was joined by return backers Bessemer Venture Partners and Columbia Capital. The company had raised a $6.3 million Series A round earlier this year.

PRESS RELEASE
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