MMC Ventures leads $5.5m backing of mobile marketing company Somo
Backing follows year of 100% growth for business
Private equity firm MMC Ventures today announced it has led a $5.5m investment into London-based mobile marketing start-up Somo.
Founded in 2009 by serial entrepreneurs Nick Hynes and Carl Uminski, Somo was launched as a full-service mobile solutions offering for brands, with a holistic range of services including app development, enterprise technology platforms, performance and brand marketing, advertising and general strategy and innovation.
Since launch it has grown rapidly, amassing a client list of well-known global brands including Audi, Red Bull, The New York Times, De Beers and Tesco.
The company was a previous beneficiary of MMC Venture’s MMC London Fund in 2013 – an investment fund spearheaded by the Mayor of London intended to support the development of high-growth London businesses.
Since that investment the company has marked a year of 100% growth, adding 60 new staff and a host of high-profile clients in the process.
Somo now has additional offices in Singapore, San Francisco, Los Angeles, Berlin and New York and currently employs 180 people.
MMC Ventures also led the latest $5.5m backing of Somo, which also contained input from undisclosed private investors.
Nick Hynes, co-founder and CEO of 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 at MMC Ventures, added: “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.”