Millennial Media Mobile Ad Network Raises $27.5 Million

Mobile ad network Millennial Media has raised $27.5 million in new funding from Bessemer Venture Partners, Columbia Capital, Charles River Ventures, and New Enterprise Associates. This investment has brought the Baltimore-based company’s total funding to more than $65 million.

Millennial, which is the largest remaining independent ad network (AdMob was bought by Google and Apple acquired Quattro), has had a banner year as the mobile advertising market explodes. In terms of mobile advertising marketshare, the IDC estimates Millennial follows in a close third to both Google and Apple. Millennial’s ads reach 63 million of a total of 77 million mobile web users in the U.S., or 81 percent of the U.S. mobile web.

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