Velocity continues spending spree by acquiring high-end restaurant booking app Uncover
3 min read
19 November 2015
British restaurant payment and loyalty service Velocity has bolstered its offering with the acquisition of complementary restaurant booking app Uncover, which works with 350 eateries in London.
The move comes after Mayfair-based Velocity has concentrated on expanding across North America over the past couple of months.
In September the firm acquired New York-headquartered rival Cover and in October it followed up to take over Canadian counterpart Tab Payments, securing access to around 500 restaurants across the US.
Now to bolster the footprint in its native UK, Velocity has taken over nine-month-old Uncover, which boasts 135,000 users and partnerships with 350 restaurants across London. Clients include Alain Ducasse Restaurants, Coya, LIMA, Restaurant Story, Taberna do Mercado, and The Clove Club.
“After analysing many companies in the restaurant reservations space we are delighted to be joining forces with Uncover. Their innovative technology, coupled with a loyal customer base, has led to explosive growth, the fastest we have seen in the restaurant reservations space,” said Alex Macdonald, Velocity Co-Founder and Co-CEO.
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Collectively, Velocity now has a roster of 800 venues and more than 60 Michelin stars. Uncover will continue to exist with investment from Velocity until early 2016, at which point the services will merge to include discovery, reservations, payments and rewards in one app.
Co-founder and co-CEO Zia Yusuf added that Velocity users spend more than the average, thus the added ability to reserve in-app will provide better value to clients and customers alike.
David Saenz, CEO of Uncover, said: “The diners’ experience is at the heart of everything we stand for, an ethos that is shared with the Velocity team. Modern consumers expect to find what they want, when they want it, all from the phone in their pockets. We’ve delivered exactly that by building a mobile first platform that is intuitive, easy to use and shows only guaranteed availability at the best restaurants”, explained.
“Velocity and Uncover are elevating the dining experience for the same target consumer and we can’t wait to combine our expertise and individual successes to bring an unrivaled, unique product to the market.”
The takeovers come after Velocity secured a $16m Series A round, which saw the firm declare an agenda to ramp up international growth. As the Uncover team joins Velocity, co-founders Saenz, Christopher Steinau and Dan Ziv will secure senior management positions.