Velocity Acquires Uncover, the UK’s Premier Restaurant Reservation App

19/11/2015

Velocity

Global hospitality platform moves into restaurant reservations

London – November 19, 2015 – Velocity, the first international, fully comprehensive digital hospitality solution, today announces its acquisition of Uncover, the UK’s premier restaurant reservation app. Just nine months after launching, Uncover has 135,000 users and works with 350 of London’s most desirable restaurants, including Alain Ducasse Restaurants, Coya, LIMA, Restaurant Story, Taberna do Mercado, and The Clove Club. Uncover’s growth has been driven by its award-winning seamless user experience, for which it has been recognised by Apple as “Best App” more than 10 times.

With the Uncover acquisition, Velocity continues its consolidation of the restaurant tech space and its rapid expansion as the leading international digital hospitality service, connecting the world’s most sought-after venues with high-end diners and providing a seamless, personalised dining experience.

Key Highlights:

  • Velocity has acquired Uncover, the UK’s leading mobile-first restaurant discovery and reservation app.
  • Uncover provides market-leading reservations software, which, combined with Velocity’s payments and loyalty platform, will create unparalleled value for the world’s top restaurants.
  • Transaction solidifies Velocity’s position as the world’s leading international reservations, mobile payment and loyalty platform for premium restaurants and nightlife.
  • Follows recent acquisitions of Cover and Tab, leading North American hospitality mobile payment businesses, as Velocity builds on its vertically integrated stack of hospitality technology to improve the restaurant experience and connect premium venues and high-end  diners.
  • Combined network of 800 venues includes over 60 Michelin stars – including the likes of Sketch, Gymkhana, Carbone, Daniel, Cosme, The Slanted Door, Al’s Place, smoke.oil.salt, Republique, and Alain Ducasse’s and Alan Yau’s restaurants.
  • Velocity will continue to invest in the Uncover platform until the launch of a consolidated product early next year empowering diners across all geographies to discover, reserve, pay, and earn rewards in one app.

 “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.  “We are looking forward to working with their team, continuing to build valuable products for restaurateurs that are focused on creating a seamless dining experience for their customers.”

“This acquisition brings class-leading, real-time reservations to Velocity, meaning we can add even more value to our restaurant partners, and further enrich our customers’ lives.” commented Zia Yusuf, Velocity Co-Founder and Co-CEO. “Velocity diners spend considerably more than average, and shortly we will empower them to discover, reserve, settle the bill, and earn rewards all in one app, at 800 of the world’s finest venues..

The acquisition is another major transaction as part of Velocity’s strategy to provide a fully integrated dining experience. Uncover shows users guaranteed availability at hundreds of London’s most desirable venues. The Uncover team hand picks each establishment personally for inclusion on the platform, after which it curates shortlists of restaurants using cuisine, restaurant style, user preferences, and geo-location to help diners find exactly what they’re looking for.  

“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 David Saenz, Co-founder and CEO of Uncover. “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.”

Velocity was co-founded by childhood friends Zia Yusuf, a former Executive Director at Goldman Sachs, and Alex Macdonald, who previously managed the acquisition, optimization and growth of multinational manufacturing companies. Building on the success of Velocity in the UK, the company secured $16M Series A financing to accelerate international expansion aligned with its clientele, including additional cities in the US, Europe, and Asia. It recently announced the acquisitions of Cover and Tab, leading North American mobile payment restaurant services.

The Uncover team will join the Velocity team, and Velocity will continue to invest in the Uncover product until the company launches a consolidated product experience in early 2016. The three Uncover Co-Founders David Saenz, Christopher Steinau, and Dan Ziv will all join Velocity in senior management positions.

Specific terms of the transaction have not been disclosed.

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About Velocity

Velocity is the world’s leading international digital hospitality service, connecting guests with restaurant and nightlife experiences. Velocity partners with the world’s best venues and empowers them to attract, delight, and retain high-value global customers through the power of mobile payments and loyalty. Velocity enables diners to leverage an international dining profile wherever they go, rewarding them for their global hospitality engagement. The service is live in New York, San Francisco, London, Los Angeles, Toronto, and Montreal. Velocity is a Spark portfolio company. www.velocityapp.com

 

Velocity Media Relations

media@velocityapp.com

UK: +44 0207 382 2000 // Amy Williams, Richard Gotla

US: +1 (646) 650-3506 // James Curich, John Weiss

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