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Hospitality ordering platforms Mr. Yum and I are looking for a possible merger as the fast climb during the Covid season starts to plateau after the peak of the pandemic.
A spokesperson for Mr. Yum confirmed to Startup Daily that talks are currently underway.
“Mr. Yum has confirmed that he is in initial discussions with Yu and me regarding a merger that will accelerate the growth of both companies,” he said.
“Discussions are still in the early stages and no decisions have been made. Mr. Yum would not comment further at this time.
In March, Mr Yum cut 40 roles at the company.
Mr. Yum CEO and founder Kim Teo
In announcing the restatements, CEO and founder Kim Teo said they had made a “strategic decision to achieve profitability with our current cash reserves and control our destiny.”
In the year The QR-code startup, which was founded in November 2018, nearly doubled its order revenue last year and 2.7 times its total company revenue, which Mr Yum raised 17% following the acquisition of Melbourne start-up MyGuestlist and CRM platform Sprout 12 months ago. Of the workforce – about 40 jobs – last August, Teo said at the time that they “increased our headcount rapidly” and those redundancies were to “extend our runway at a time of uncertainty in the capital markets”.
Mr. Yum has raised $89 million in Series A funding led by US VC giant Tiger Global in November 2021 and a total of $100 million in six months.
Me and founder Stevan Primutiko (center) with investors Robbie Cook (l) and Justin Hemes (r).
Meanwhile, rival pub food ordering platform Me&u raised $30 million in a round led by Acorn Capital in December last year, enough runway for the 3.5-year-old startup to become profitable next financial year. Details of the funding — the company was looking at up to $50 million — emerged only last month.
Me&u has raised a total of $66 million.
Supporters include Merivale CEO Justin Hemmes, the app for Sydney’s hotels empire, chef Neil Perry, Urban Purveyors Group founder John Szangolies, and former Facebook, Uber, MYOB and Google executives William Easton, Mike Abbott, Tim Reid and Jason Pellegrino.
Me&u is the sector’s 800-pound gorilla, with 70% market share of the country’s top beverage groups, with Mr. Yum’s 20% and others 10%.
Founder Stevan Primutiko, formerly of startup restaurant reservation platform Dimmy (now The Fork), was acquired by TripAdvisor in 2015 and launched Me&u in 2019.
Startup Daily reached out to Me&u PR firm for comment on the merger talks. They did not respond.
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