Millenial Media is a mobile ad network that competes with AdMob. AdMob was recently acquired by Google for $750 million in stock. Millenial Media is based in Baltimore, Maryland and raised $16 million in Series C for New Enterprise Associates, Bessemer Venture Partners, Columbia Capital, and Charles River Ventures.
Millenial will use the funding to help push the company past profitability, grow overseas, hire additional talent, and build more technology. Given that Google already spent a ton of money on a mobile ad network it seems uncertain what Millenial’s exit strategy will be.