MMC Ventures taps London Fund to back mobile tech, strategy business Somo


news_unionjack_crumpled_lrgMMC Ventures has teamed up with several private backers to invest $5.5m in mobile technology and strategy business Somo.

The MMC funding came through the MMC London Fund, which is overseen by Mayor of London Boris Johnson and is intended to support the growth of London-based businesses.

Somo, which was launched in 2009, has clients including De Beers, British Gas and Tesco.

MMC partner Rory Stirling 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.”

MMC won the competitive tender to launch the £11m fund targeting early-stage business in London last April.

The MMC London Fund, which is partly financed by a grant from the European Regional Development Fund, could see £22m invested in the capital thanks to matched funding.

Copyright © 2014 AltAssets