Velocity Raises $22.5 Million And Plans to Expand to 29 Cities.
Velocity which is a short notice premium restaurant book app. Has now raised $22.5 million in a Series B Round, which was led by DIG Investments.
The Main Function of the app is to allow access to fine dining experiences. The app allow users to search for and book tables instantly through the app, You can also book tables through the mobile app with up to seven days in advance. Velocity also allows you to pay though the app. This App is currently working in: London, New York, Los Angeles, Miami and San Francisco. Restaurants that are on the app include : New York’s Blue Hill, London’s Park Chinois and San Francisco’s Slanted Door.
Velocity has raised around $17 million to date and has plans to use new funds to expand into 29 cities in the next couple of years.
In a press release, Zia Yusuf (co-founder and co-CEO) has said- “Out series B Funding is an important step forward in growing our brand, increasing out bandwidth for exciting new features and building our presence in the greatest cities around the world”.
Last Year the company raised $16 million which allowed them to buy there businesses. A U.S Start up called Cover was the first. Cover lets customers pay for meals from their phone. This was then followed by Toronto’s Tab Payments and a London start up called Uncover. These purchase allow Velocity to offer a full featured restaurant booking app that allow all the features: discovery, reservations and payments.