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New Enterprise Associates has followed Bessemer Venture Partners in selling shares of the mobile advertising firm Millennial Media Inc. (NYSE: MM).
The Silicon Valley venture firm with offices in Chevy Chase and Timonium sold 1.60 million shares for $21.50 million at $13.44 apiece, barely above its March IPO price of $13. The early investor still owns 8.12 million shares worth an estimated $151.87 million, according to an SEC filing.