Somo has become one of the first beneficiaries of the MMC London Fund, receiving $5.5m in follow-on funding.
The £11m MMC London Fund was launched last summer and is backed by the Mayor of London and provides venture capital funding for early stage businesses.
Since taking the investment last year, Somo has grown by more than 100%. They are a leading mobile tech business and have run campaigns for brands all over the world such as Audi, BP, De Beers, The New York Times and AirAsia Expedia.
Investment on the up
The announcement comes a day after Balderton Capital raised $305m to fund the next generation of European startups.
Balderton’s fund aims to “seize growing opportunities in the European technology sector”, further showing the investment potential for companies after a positive first quarter of 2014.
A focus on London
It is one of the first companies to be funded by the MCC London Fund.
The new £11m fund is specifically focused on investment in London businesses. It is a matching fund, which means at least £22m will actually be invested in the Capital as a result.
Rory Stirling of MMC Ventures commented on the work of the MMC London Fund:
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.