Velocity has picked up one of the largest ever Series A funding rounds for a UK-based company. Velocity is the lifestyle app empowering diners to pay and earn rewards directly from their phone.
Velocity is rolling out to the finest restaurants and clubs, including Hix Restaurants, the Galvin Restaurants, Sketch, Gymkhana, Burger & Lobster and Cuckoo Club.
Investors include an international group of angels, including former Thomson-Reuters CEO and Chair of Morgan Stanley’s Technology Committee, Tom Glocer, and Initial Capital Partner, Shukri Shammas, with Chrystal Capital sole book runners.
The Company says the proceeds from the financing will be used principally for international expansion, to cater for burgeoning global demand from prestige hospitality groups and customers.
Velocity partners have seen a 14% increase in average spend of people using the app.
Currently rolling out to over 300 leading venues, many Michelin-starred, service is expected to be live in thousands of venues across major hospitality cities globally by end-2016.
Velocity was founded by childhood friends Zia Yusuf and Alex Macdonald in 2014 after having experienced firsthand the consumer frustrations of paying in restaurants. They saw a unique opportunity for the hospitality industry, which until now has been slow to adapt to the “Uberization” of affluent millennials who increasingly expect access and services via their mobile.
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