Millennial Media gets $16 million in new funding
Millennial Media, one of the country’s largest advertising networks for mobile devices, said Monday it raised $16 million in new funding that it will use to hire more staff and fuel its international expansion from its Baltimore headquarters.
The funding was part of a Series C round led by New Enterprise Associates, a venture capital firm with an office in Baltimore. Existing investors Bessemer Venture Partners, Columbia Capital and Charles River Ventures also participated. Since its founding in 2006, Millennial has raised more than $40 million in venture capital funding, according to Paul Palmieri, its co-founder, president and chief executive.
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