Bessemer Venture Partners, Columbia Capital, Charles River Ventures and New Enterprise Associates (NEA) participated in the round, which increased the company’s total backing to $65 million since its inception in 2006.
Baltimore-based Millennial said it will use the proceeds to build on last year’s acquisition of mobile analytics firm TapMetrics with additional acquisitions this year, as well as investments in its international and platform lines of business. The company already tripled its revenue in 2010.
“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, the company’s president and CEO.
Millennial said its mobile ad network currently reaches more than 85% of U.S. mobile web users and serves more than 17 billion mobile ad impressions a month.
The news comes nearly five months after The Wall Street Journal reported that BlackBerry smart phone maker Research in Motion (RIM) was in discussions to acquire the company.