Velocity operates an iOS and Android app that lets users discover, reserve and pay internationally at over 1,100 restaurants, including Michelin-starred classics. The company was founded in 2014 and is based in London and New York City, with additional offices in Los Angeles, San Francisco and Miami. Velocity has acquired Cover, Tab Payments (Canada) and Uncover to offer a fully integrated dining experience. It recently hired Amanda Terry as Chief Operating Officer. The company intends to use new funding to expand to 29 cities worldwide by 2020. In August 2016 Velocity raised $22.5m in a Series B round to support that expansion. Velocity offers a dining app that lets users book tables, pay at the table without requesting a bill, and earn loyalty rewards; it also provides restaurateurs with CRM, loyalty and analytics tools. The startup says the product removes billing from waitstaff, freeing them for customer service. Velocity is pursuing rapid international expansion and has acquired US restaurant payments app Cover to accelerate its US rollout and create a worldwide dining network. The acquisition adds 350 US restaurants to Velocity’s existing roughly 300 European partners, more than doubling its restaurant footprint. Financially, Velocity completed a $4m follow-on into its Series A less than three months after a $12m round, bringing the Series A to $16m in total. Investors in the latest tranche include Saxo Bank chief Lars Christensen, former Thomson Reuters CEO Tom Glocer and Initial Capital partner Shukri Shammas; Cover investors Spark Capital, OATV and Lerer Ventures became shareholders as part of the deal. The company is less than two years old and was founded by co‑chief executives Alex Macdonald and Zia Yusuf. Velocity is a London-based lifestyle app that allows diners to pay and earn rewards directly from their phones. Founded in 2014 by Zia Yusuf and Alex Macdonald, the company aims to streamline payments and loyalty for hospitality venues. It is currently rolling out to restaurants and clubs and is live in over 300 venues, with plans to be in thousands of venues across major hospitality cities by end-2016. Named partner venues include Hix Restaurants, the Galvin Restaurants, Sketch, Gymkhana, Burger & Lobster and Cuckoo Club. Velocity raised $12m in a Series A to fund international expansion and accelerate its venue rollout.

Total raised

$38M

Funding rounds

3

Latest round

Series B

Latest activity

Aug 2016