• eMoney, Wednesday, January 5, 2011 2:34 PM

Mobile ad network Millennial Media, just raised another $27.5 million from Bessemer Venture Partners, along with Columbia Capital, Charles River Ventures and New Enterprise Associates. The Baltimore-based company has already raised $65 million, but, as eMoney notes, "That hardly seems sufficient when fighting Goliaths like Apple and Google, which both made multimillion-dollar acquisitions last year in the space."

According to eMoney, Millennial is presently considered by many to be the largest independent mobile ad network in the United States. The funds are earmarked for acquisitions in 2011, along with investments in the company's international business. To date, the company has set up shop in London, and is slowing expanding in the Asia-Pacific region, according to eMoney. Last month, market researcher IDC estimated that Millennial was the largest independent mobile ad network at 15.4%, behind Apple's 18.8% share and Google/AdMob's 19% share.

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