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Hospitality ordering platforms Mr Yum and Me&u are exploring a possible merger as their fast ascent throughout Covid begins to plateau put up pandemic.
A spokesperson for Mr Yum confirmed to Startup Every day that talks are at present underway.
“Mr Yum confirms that it’s in preliminary discussions with me&u concerning a possible merger to speed up the expansion of each corporations,” they mentioned.
“Conversations are within the very early phases and no selections have been made. Mr Yum won’t be making any additional remark presently.”
In March, Mr Yum reduce 40 roles on the firm.
Mr Yum CEO and cofounder Kim Teo
CEO and cofounder Kim Teo mentioned in asserting the redundancies that they’d made “the strategic choice to get to profitability with our present money reserves and management our future”.
Whereas the QR-code startup, based in November 2018, almost doubled its ordering income final 12 months and grew total firm income by 2.7 instances following its acquisition of Melbourne startup MyGuestlist and it subsidiary CRM platform Sprout 12 months in the past, Mr Yum additionally shed 17% of its workforce – round 40 jobs – final August, with Teo saying on the time that that they had “elevated our headcount too rapidly” and people redundancies have been “to increase our runway whereas capital markets stay unsure”.
Mr Yum raised $89 million in a Sequence A, led by US VC large Tiger International in November 2021 – and $100 million in whole over six months.
Me&u founder Stevan Premutico (centre) with buyers Robbie Cooke (l) and Justin Hemmes (r).
In the meantime, rival pub meal ordering platform Me&u raised $30 million in December final 12 months in a spherical led by Acorn Capital that purportedly give sthe 3.5-year-old startup sufficient runway to get to profitability subsequent monetary 12 months. Particulars of the elevate – the corporate was reportedly seeing as much as $50 million – solely emerged final month.
Me&u has raised a complete of $66 million.
Its backers embrace Merivale CEO Justin Hemmes, with the app rolled out throughout his Sydney motels empire, chef Neil Perry, City Purveyor Group founder John Szangolies, and former Fb, Uber, MYOB and Google execs William Easton, Mike Abbott, Tim Reed, and Jason Pellegrino.
Me&u is the sector’s 800-pound gorilla, with 70% market share of the nation’s high pub teams in comparison with 20% for Mr Yum and 10% for others.
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