Millennial, The Biggest Mobile Ad Network Not Owned By Google Or Apple, Raises A Big Round

Paul Palmieri, Millennial Media
Millennial Media CEO Paul Palmieri

Google and Apple made their moves in the mobile ad industry over the last year when Google bought AdMob and Apple bought Quattro.Now the biggest ad network that’s still independent just raised a bunch more money to keep growing.

Baltimore-based Millennial Media announced today that it has raised $27.5 million in additional funding, bringing its total funding to more than $65 million. It also said that revenue tripled in 2010.

It was an inside round: Only existing investors Bessemer Venture Partners, Columbia Capital, Charles River Ventures, and New Enterprise Associates participated in the round.

Millennial CEO Paul Palmieri refused to disclose the company’s valuation, but it’s reasonable to believe it’s $200 million or more.

IDC estimates Millennial’s share of the U.S. mobile display ad market around 15% in 2010, below Google and Apple, which both had about 19% of the market. Not bad, and you can see why Microsoft has long been rumoured as a potential Millennial buyer.