Somo has been revealed as one of the first five companies to receive funding from the Mayor of Londons SME growth fund, unveiled yesterday.

The mobile marketing firm says it will use the MMC London Fund money, which is between £1m and £10m, to further develop its proprietary mobile advertising technology. It has also announced the opening of a new London office to house its team of engineers in Southwark, where fellow mobile tech company Swiftkey is based. Somos team in the Capital now exceeds 120 people.

“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,” said Nick Hynes, co-founder and CEO of Somo. “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.”

Somo was named the fastest growing mobile company in Europe in 2012 by GP Bullhound after increasing its revenues by 508 per cent over the previous three years. It also opened offices in San Francisco, Los Angeles, New York and Singapore during 2012.

Rory Stirling, investment partner at MMC Ventures, praised Somos client list, which includes Audi, Red Bull and News Corp, along with its “hugely experienced and forward-looking executive team.”

He said: “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.”

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