Velocity, the London-based bill-splitting app, has secured $12m (£7.6m) in one of the largest first funding rounds for a UK tech company.
The app allows users to see their restaurant bill in real-time and allows them to split it at the end of the meal.
The company was founded in 2014 by a couple of childhood friends, Zia Yusuf and Alex Macdonald. So far it has signed up 300 high-end venues such as Hix Restaurants, as well as many Michelin-starred restaurants.
“First and foremost we’re a hospitality company and secondly we’re a tech company,” Alex Macdonald said.
The app also paves the way for users to use loyalty and reward schemes at partner restaurants.
The service is expected to be fully launched in thousands of venues in 11 major cities around the world by the end of 2016.
Former Thomson-Reuters boss and chair of Morgan Stanley’s tech committee Tom Glocer is one of the backers of the venture, alongside Initial Capital partner Shukri Shammas. Chrysta Capital acted as a sole-book runner.
“As the world moves toward a cashless economy and mobile payments grow rapidly, Velocity is well placed to be the leading platform serving restaurant-goers and venues alike,” said investor Tom Glocer.
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