Millennial Media announced Tuesday that it raised a net $12.4 million from selling more than 900,000 shares of common stock, according to CityBizList.
Technically Baltimore reported earlier this month that the Canton-based mobile advertising company was looking to sell close to one million shares of stock, and to use the money raised to fund company growth. A total of 11,500,000 shares were sold, with the other 10.5 million sold by stockholders in Millennial Media.
Among the stockholders selling shares in Millennial Media was New York-based venture capital firm Bessemer Venture Partners, which “sold 2.20 million shares at $13.44 apiece,” reports CityBizList.
When Millennial Media completed its $1.8 billion initial public offering in March, shares were selling at $13 apiece. In both Q2 and Q3 of this year, the company has reported a loss, despite rising revenues.