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London-born restaurant booking app Velocity secures $22.5m Series B

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Premium restaurant booking platform Velocity has closed a $22.5m Series B funding round.

DIG Investments led the round, with other participants including Barry Sternlicht, the founder of Starwood Hotels Group; and John Paul, one of the world’s largest concierge companies.

The London-founded company, which is now co-headquartered in New York, aims to expand to 29 cities across the world by 2020.

Zia Yusuf, co-founder and Co-CEO of Velocity, said: “We are delighted to announce this milestone, which has made us one of the best-funded startups in the global space.”

“Our Series B funding is an important step forward in growing our brand, increasing our bandwidth for exciting new features and building our presence in the greatest cities around the world,” he added.

Founded by Yusuf and Alex Macdonald in 2014, the hospitality app enables users to book tables at a curated selection of sought-after restaurants.

Velocity raised a $16m Series A back in the summer of 2015 and claims to have grown its venue count over 800% in the last 12 months. It has acquired several global restaurant platforms, including dining mobile payments apps Cover and Tab Payments, plus UK restaurant discovery and mobile reservations app Uncover.

Sanjan Dhody, non-executive director appointed by DIG Investments, said: “Having been an early investor in Spotify, Palantir and Lyft, the goal is to find world-class companies and assist them in forging global success. Velocity is a game changer for the $3.5tn restaurant industry, combining compelling technology, an intimate understanding of hospitality and a world class management team.”