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.
Read More: http://www.baltimoresun.com/business/bal-bz.millennial17nov17,0,2549183.story
By Tom Lowy
Forever, it seems, we’ve been told that it’s just a matter of time—next year, for sure—that mobile marketing will take off in the U.S. Yet advertising on cell phones remains tiny.
That may be about to change for two reasons: Web-surfing smartphones are selling briskly even in a downturn, and applications for those gadgets—especially Apple’s (AAPL) iPhone and the BlackBerry—are proliferating. That means people are spending a lot more time playing games, watching TV, and shopping on their phones. All that activity translates into what marketers call engagement, a fancy way of saying people are paying attention. Companies, of course, prize that, so they’re looking for mobile applications that are a good fit for their brands.
Read More: http://www.businessweek.com/magazine/content/09_22/b4133052597112.htm?campaign_id=rss_tech
