27 Nov 2015
Deloitte Incubator venture acquired by restaurant payment app
Uncover, the restaurant technology app, launched from London Business School’s Deloitte Incubator, has been acquired by restaurant payment solution, Velocity.
Uncover, founded by three London Business School MBA graduates, Chris Steinau, Dan Ziv and David Saenz, was housed in London Business School’s Deloitte Incubator in 2014-15. The app provides a restaurant reservations service at top London restaurants.
The acquisition, combining Uncover’s reservation software with Velocity’s payments platform, will help to create a seamless end-to-end restaurant discovery, booking and payment experience to benefit diners and restaurants.
"We looked at a number of deals for both investment and fundraising,” says David Saenz. “The opportunity to join forces with Velocity was an overwhelmingly easy choice. Our combined reservations and mobile payments platforms will create the best opportunity to disrupt hospitality tech globally."
Uncover launched earlier this year. It 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. It has been recognised by Apple as “Best App” more than 10 times.
London Business School has played a pivotal role in Uncover’s journey, from start-up to acquisition.
Chris Steinau says: "This acquisition would not have been possible without the support of London Business School at every key step in our journey. Not only did we meet at London Business School, the network and resources the community afforded us have been invaluable to our quick growth and now sale. We are thrilled to share this result with the School."
The founders will join Velocity in senior management positions.