Millennial Media adds NEA as a New Lead Investor. 11/16/2009 Private Placement.
In its 4th round of capital since 2006, Millennial Media of Baltimore brings in NEA as a new investor and lead alongside a stellar cast of Columbia, Bessemer and Charles River. This $16M brings the mobile media provider up to a total investment to-date of $38.5M. You hear nothing but good reports about Millennial and its progress. This is a big idea that will require a home run strategy and execution to recoup this amount of investment dollars. What caught my eye is that this is the 4th round of funding and NEA is just now showing up. Millennial is a derivative of Advertising.com, where the Millennial founders each spent time. NEA made very good money on the sale of Advertising.com to AOL. NEA should have been the first stop for Millennial founders when they were looking for start-up funds. There is a story here someplace. But the ending is found with Pat Kerins, who was the partner on Advertising.com at Grotech, the other major fund that made big money on the sale to AOL. Pat is now a partner at NEA and presumably the perfect man to put the planets back into their correct orbits. He has led the NEA investment and now joins the Millennial board.