Globally renowned tech investor DIG Investments partnered with Chrystal Capital to raise £17 million via a private placement for Velocity Mobile, the world’s leading international digital hospitality service.
The round, led by DIG Investments, who were seed investors in Spotify, Palantir, and Lyft (valued at a combined $34 billion) saw other investors place capital, including high-profile hospitality names Barry Sternlicht, founder of Starwood Hotels Group, and John Paul, one of the world’s largest concierge companies, as well as Family Offices and institutions from UK, Europe, Middle East, and Asia.
Following two previous oversubscribed fundraises in December 2014 for £600,000, and in June 2015 for £10.2 million, Chrystal Capital has raised a further £17 million through a mixture of equity and venture debt.
High end hospitality, instantly
From the Velocity app, customers can access and instantly book high-end hospitality across the world’s best venues, giving them an international dining profile wherever they go.
The Velocity team have secured significant partnerships including American Express, Google, Samsung, and the Wall Street Journal, over the past few months, all of which further accelerate global growth. Furthermore, Velocity has partnerships with over 1,100 high-end restaurants in the US, Canada, and the UK.
The proceeds of this fundraise will allow Velocity to continue to expand geographically and become the global market leader in the $110 billion luxury restaurant sector.
DIG Investments has a track record of being supportive shareholders and backing successful tech companies through multiple rounds.
Sanjan Dhody, NED appointed by DIG Investments added: “Having been an early investor in Spotify, Lyft, Palantir and Soundtrack Your Brand (Spotify Business), among many others, the goal is to find world-class companies and assist them in forging global success. Velocity is a game changer for the $3.5 trillion restaurant industry, combining compelling technology, an intimate understanding of hospitality and a world-class management team.”