|[April 02, 2014]
Fast Growth Somo Attracts Additional Funding
LONDON --(Business Wire)--
the largest independent global mobile solutions company, has received
$5.5m follow-on funding from MMC
Ventures, including the MMC London Fund - and other private
Somo was one the first beneficiaries of the MMC London Fund, which is
overseen by the Mayor of London and intended to support the growth of
London-based businesses. Since the investment last year, Somo has grown
more than 100% - having hire 60 additional staff, including mobile
engineers, insights, loyalty and social specialists; while attracting
new clients including De Beers, British Gas, and Tesco. Somo has also
developed market-leading mobile advertising solutions and enterprise
grade mobile platforms including the new mobile app tracking product
Lithient App Tracker. The Somo Lab has expanded to be one of the most
technologically advanced rooms in London and the company is working on a
similar Lab in New York.
Founded in 2009 by serial entrepreneurs Nick Hynes and Carl Uminski,
Somo has built some of the most innovative and creative mobile products
in the market and run some of the most successful campaigns for brands
all over the world such as Audi, BP, The New York Times and AirAsia
Expedia (News - Alert). Headquartered in London, Somo has offices in NYC, San
Francisco, Los Angeles, Berlin, and Singapore, and employs 180 people.
Nick Hynes, co-founder and CEO, Somo, said, "Our business is absolutely
flying. Our people are recognised globally for being experts in mobile
technology, and are trusted by our clients to advise on how to take
advantage of the connected future. We have attracted an incredible
calibre of clients and we are ready to take the next step. It's great
that MMC Ventures continues to support us and we are delighted that they
are coming along for the ride."
Rory Stirling, Partner, MMC Ventures, said, "Somo is growing at a
phenomenal rate. We are consistently impressed by the performance of the
team, and the business as a whole. The MMC London Fund is all about
identifying the fast growth London businesses that can go all the way
given a little support, and we are very pleased to be continuing to
support Somo as they progress."
GP Bullhound advised Somo on the investment.
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