Zia Yusuf was put in a position that few entrepreneurs would find enviable: raising a funding round for his London start-up in the midst of fallout from the British vote to leave the European Union.
But his company, Velocity, announced a $22.5 million funding round on Monday. The restaurant booking app, founded in London and based there and in New York, will use the new funds for additional features and to expand to 29 cities worldwide by 2020.
"We're really excited about scale of this round," co-founder and co-CEO Yusuf said. "Our round did [take place] over the course of the actual [Brexit] vote. The interesting thing is, we didn't see any real significant impact. One reason is that the appetite from the investing community for our product and our team was high. We're very happy with the level of demand we got."
In late June, Britain voted to leave the European Union, sending Dow futures down as much as 700 points. The British pound sterling tumbled to a 1985 low against the dollar.
That provided a challenging backdrop for Velocity, which caters to high-end restaurants and night life. But Yusuf said Velocity's round, led by DIG Investments, the technology investment arm of HMP Group, with a credit facility from Barclays, did not see an incremental adverse impact.