BNXS

Millennial Media the largest independent ad network has succeeded to raise $27.5 million in a recent funding round. The participating investors were Columbia Capital, New Enterprise Associates, Bessemer Venture Partners and Charles River Ventures. With this last round the company has reached a total of $65 million in funding. The other large ad networks were bought by Google and Apple. AdMob was acquired by Google while Quattro was bought by Apple. In view of the giant size of these two companies, Millennial Media faired quite well last year to end up in a close third place after Google and Apple according to IDC estimates on mobile advertising market share. The company’s ads reach 81 percent of the US mobile users. On top of being an independent ad network that is doing well, Millennial Media also runs and manages private mobile ad networks belonging to large media companies. Paul Palmieri the co-founder and ad executive of the company said that Millennial’s focus on advertising across a number of platforms for mobile devices has kept it in competition with the big players, Google and Apple. Last year 2010 saw the company triple its revenue from the previous year. Research findings by the IDC put 2009’s revenue at $35 million. It therefore means that in 2010 the company’s revenue could have been over $100 million.