The lifestyle app focuses on affluent millennials
Velocity, a lifestyle app that allows restaurant patrons to pay and earn rewards directly from their mobile devices, secured one of the largest Series A funding rounds for a business yesterday (June 29) British when it closed $ 12 million to an international group of angel investors. investors.
“Velocity enables restaurants to turn the point of payment into a point of engagement as part of their own loyalty programs,” said Alex Macdonald, co-founder, co-CEO and former CEO of Velocity, in a statement. “Velocity makes restaurant meals more personal and efficient for the customer and the restaurant, allowing wait staff to focus on assisting diners during service, increasing footfall and providing feedback from each person.” customer. The results of our partner restaurants are transformative, with per capita spending increasing by a double-digit percentage. “
The company’s focus on modernizing the hospitality industry for the affluent millennials could continue to bear fruit. Velocity partners reported a 14% increase in the average amount spent by people using the app.
The London-based company is looking to capitalize on this momentum by using the new funding to accelerate its international expansion and take advantage of growing demand from premium hotel groups and clients.
“We are the pioneers of a superior and more efficient hotel experience in partnership with the world’s leading groups of prestigious Michelin-starred and international restaurants,” said Zia Yusuf, co-founder and co-CEO of Velocity. “With Velocity transactions increasing by 20% per week and a third of transactions already coming from repeat customers, it is clear that the expectations of affluent customers are changing. “
The app and its services are currently expanding to more than 300 locations, with plans to launch in thousands of properties in major hotel cities around the world by the end of 2016.
“As the world moves towards a cashless economy and mobile payments grow rapidly, Velocity is well positioned to be the primary platform serving restaurants and venues,” said Tom Glocer, one of the investors at the society. “I have supported Velocity because of the strong leadership team and Velocity’s unique combination of mobile payment, loyalty program and social media, all of which are integrated into the way high-end restaurants and other venues. are already working. “
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