Somo said Wednesday that it has closed $5.5 million in funding. The investors were MMC Ventures and various private backers. GP Bullhound advised Somo on the transaction. Headquartered in London, Somo is a global provider of mobile solutions.
We are proud to announce we have received $5.5m follow-on funding from the MMC London Fund, part of MMC Ventures – 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 taking the investment last year, Somo has grown by more than 100% – having hired 60 additional staff around the world, including mobile engineers, insights, loyalty and social specialists; while attracting several new clients including De Beers, British Gas, and Tesco. In addition, Somo has worked to develop its 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, De Beers, The New York Times and AirAsia Expedia. Headquartered in London, Somo has offices in New York, San Francisco, Los Angeles, Berlin, and Singapore and currently 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.