[April 02, 2014]

Fast Growth Somo Attracts Additional Funding

Somo, 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 investors.

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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