Somo is one of the first beneficiaries of the new MMC London Fund, launched this week at London’s City Hall.
The fund, managed by the Mayor of London and partly financed by a grant from the European Regional Development Fund, is intended to support the growth of London-based businesses.
The investment from MMC Ventures will primarily be used to further expand and develop Somo’s licensed mobile technology products and platforms.
Somo, which celebrated its fourth birthday last month, has also announced the opening of a second London office to house its team of 20 technology engineers. The team will focus on the design and development of mobile advertising solutions and enterprise grade mobile platforms.
Nick Hynes, co-founder and chief executive, Somo, says: “We couldn’t be more proud to be marking Somo’s four fantastic years in this fast-paced business by announcing new investment from MMC Ventures. Mobile continues to change the world we live in, every day, and we love playing a part in it. Our new tech and engineering hub is a demonstration of how we are building a centre of mobile expertise and experience that leads the world. This investment will allow us to grow even faster.”
Rory Stirling (pictured), investment partner, MMC Ventures, says: “Somo’s incredible work, client list, and growth stands testament to its hugely experienced and forward-looking executive team. MMC backs UK businesses with international potential, and having glimpsed what Somo has planned for the future, we are confident that they are positioned to be one of the global success stories of the decade.”
