Millennial Media raises $27.5M war chest

Millennial Media is kicking off 2011 with a new war chest. The mobile ad network today announced a new round of venture capital funding totaling $27.5 million, bringing the company’s total equity funding to $65 million.
The latest round, which was led by Bessemer Venture Parnters, Columbia Capital, Charles River Ventures and New Enterprise Associates, will be used to invest in the company’s global expansion. The company said it also plans to make additional acquisitions in the mobile analytics space with the cash as well.
“The mobile model continues to expand beyond the phone, and is becoming the new, device based internet via apps on everything from refrigerators to tablets to televisions,” said Paul Palmieri, president and CEO, Millennial Media. “Our market position, proposition to the mobile and app economies, and ability to show exceptional results is already solidifying our central role in the digital advertising business.”
The four-year-old company says it reaches more than 85% of the mobile market in the United States, serving more than 17 billion ad impressions each month.