Australia food-ordering start-up raises $63m
Tiger Global Management has led an A$89 million ($63.4 million) Series A round for Australian food-ordering start-up Mr Yum. In the past 12 months, 44% of Australians have used the platform.
“Tiger Global is heavily invested in restaurant technology around the world. We understand the category and players well and Mr Yum is the clear leader in product innovation for mobile ordering and payments,” John Curtius, a partner at Tiger Global said in a statement.
Local VCs AirTree Ventures, Ten13, Skip Capital, and Wildcard Ventures also participated. They were joined by various Australian start-up founders, sports and entertainment personalities, as well as US-based Commerce Ventures and VU Venture Partners.
It is described as Australia's third-largest Series A and the largest for a female-founded start-up. Total funding since the company’s inception in late 2018 comes to $100 million, including seed capital from AirTree and Ten13. The new funding will be used to double down on an existing presence across Australia, the US, and the UK.
Mr Yum’s core products include a QR code ordering service that allows in-restaurant diners to select from the menu on their mobiles, software that helps restaurants manage delivery and pick-up data, and a bill payment tool that allows each diner at a table to pay separately. The payments tool is compatible with the likes of Visa, MasterCard, Apple Pay, Afterpay, Google Pay, and American Express.
Mr Yum has grown from 12 to more than 120 full-time staff in the past 18 months with teams in Los Angeles, London, Sydney, Brisbane, and Melbourne. Around 13 million people have used the platform at 1,500 venues. In addition to restaurants, venues include casinos, shopping malls, cinemas, cruise ships, and airports. The company claims that 60% of diners in Melbourne have used or at least heard of Mr Yum.
“Their QR codes have now become ubiquitous in Australia, and it's happened pretty much overnight,” James Cameron, a partner at AirTree, said. “They're now helping hospitality venues all over the country bounce back from a very tough period through COVID, and with this new funding they are able to double down on their international markets, where they are already growing faster than they were in Australia.”
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