Chrystal Capital raises £10.2 million for Velocity Mobile
Chrystal Capital has raised £10.2 million for Velocity Mobile Limited, via an oversubscribed private placement of ordinary shares, from an international group of investors.
Velocity is an app for restaurant & nightclub booking, payment, loyalty and analytics that sits at the heart of mobile payments, big data and social media. The app solves major problems for both consumers and venues alike with a seamless software-based solution. Services for both venues and consumers will drive multiple recurring revenue streams, as the business rolls out globally targeting the massive $3.5tn global restaurant industry (35x larger than the $100bn taxi market Uber entered).
Since the launch of Velocity’s ‘go-live’ strategy in May this year, downloads, transactions and processed volume have grown exponentially. Velocity expects to be live in over 400 sites by the end of 2015 in the UK alone and is currently opening in New York, with the Hong Kong office scheduled for launch towards the end of the year.
“Chrystal ran a highly professional process, their advice and counsel across all aspects of the raise were very valuable to us. They assisted in getting the round oversubscribed and we are delighted by the calibre of the new shareholders.”
The Velocity fundraising is the 33rd transaction completed by Chrystal Capital over the past five years and takes the total funds raised and advised for corporate clients to approximately $640 million.
It is the team’s 20th private deal in the same period, a reflection of both investor demand, particularly amongst Family Offices, and Chrystal Capital’s growing reputation for this niche type of pre-IPO financing.