Fun facts from Millennial Media's IPO filing
Did you hear? Baltimore's Millennial Media filed to go public yesterday, letting everyone know they hope to raise $75 million from Wall Street to fuel their mobile ad business's growth (and make its founders and early investors rich.)
Up above, those are co-founders Chris Brandenburg (left), chief technology officer, and Paul Palmier, chief executive officer.
Below are some fun facts from Millennial Media's S-1 registration statement with the SEC for its initial public offering:
* Quite literally, the money paragraph (note the improvement in gross margin) and the rapid closing of the gap from a $7 million loss in 2010 to a $417,000 loss in the first nine months of last year: "From 2009 to 2010, our revenue increased from $16.2 million to $47.8 million, or 195%, our gross margin improved from 29% to 34%, our net loss improved from $7.6 million to $7.1 million and our adjusted EBITDA improved from a loss of $7.0 million to a loss of $6.4 million. For the nine months ended September 30, 2011 as compared to the same period of 2010, our revenue increased from $29.1 million to $69.1 million, or 138%, our gross margin improved from 33% to 39%, our net loss improved from $5.4 million to $417,000 and our adjusted EBITDA improved from a loss of $4.9 million to earnings of $650,000."
* Employee growth: "We grew from 54 employees at December 31, 2008 to 190 employees at September 30, 2011." And more up to date: "As of December 31, 2011, we had 222 employees, of which 72 were primarily engaged in product and technology and 69 were engaged in sales and marketing."
* Fascinating chart of the ramp-up in spending among the top 100 advertisers with Millennial over the last three years:
* The top four executives at Millennial are all over 30 -- and the CEO Paul Palmieri and COO Stephen Root are over 40. (Sorry for pointing this out, Paul and Stephen. But I think it should be made clear Millennial's success as a startup so far is because of some relatively veteran executives, not fresh-faced kids out of college.)
* Those four executives earned this much money in 2011:
* Co-founders Paul Palmieri and Chris Brandenburg own 11.3 percent and 9.2 percent, respectively of outstanding shares in Millennial. Investment firms Bessemer Venture Partners and Columbia Capital are tied for the top shareholder spot, at 20.6 percent each.
* Millennial's five-year lease at the American Can Co. complex in Canton is up in July 2013. It's paying between $21 and $22 per square foot for 16,000+ square feet of space. It's annual lease has gone up from $201,000 in the first year, to $361,000 in its final year of the lease.
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