Millennial Media closes $16 million Series C round

Mobile advertising firm Millennial Media announced the completion of a $16 million Series C round led by New Enterprise Associates, along with contributions from existing investors Bessemer Venture Partners, Columbia Capital and Charles River Ventures participating. According to Millennial, the new growth financing will bolster the firm's international expansion, accelerate development of advanced targeting products and enable wider penetration of its mobile media planning platform for agencies. Millennial Media launched in mid-2006--publisher partners include Major League Baseball, MTV, Mapquest and Match.com.

The Millennial funding follows a week after rival AdMob was acquired by Google for $750 million. Mobile web adspend is expected to approach $500 million worldwide by the end of 2009 and close in on $2 billion annually by 2014, per a recent Juniper Research report--according to a recent Millennial forecast, 60 percent of non-mobile marketers plan to launch mobile advertising efforts in 2010, with 31 percent of agency respondents stating they will invest between $100,000 and $249,000 on their campaigns.

For more on the Millennial Media investment:
- read this release