Australia’s Mr Yum secures $64m Series A funding
Mobile ordering and payments start-up Mr Yum has completed a $64 million (AUD 89 million) Series A funding round.
The start-up has now raised more than $72 million in total
It is the third-largest Series A in Australian history and, the company says, the largest Australian Series A for a female-led company.
The funding will be used for Mr Yum’s growth plans for Australia, the UK, and the US.
The company is focused on QR code mobile orders and payments in the restaurant and hospitality sectors. It spans ordering and payments, delivery and pick-ups, and bill payment.
The investment was led by US firm Tiger Global. Other investors included Skip Capital, Tennis Australia’s Wildcard Ventures, Broadsheet founder Nick Shelton, and Kogan founder Ruslan Kogan. Existing investors TEN13 and AirTree were also involved.
The Series A follows a post-seed round in April 2021 and brings the company’s total funding raised to more than $72 million (AUD $101 million).
CEO and co-founder Kim Teo says restaurants, hospitality and entertainment venues are “embracing technology more than ever”.
The company launched in the UK and US earlier this year. It gained traction at festivals including the famous Henley Regatta and Taste of London in the UK and at venues in the US including E.P & L.P and Strings of Life in Los Angeles.
In Australia, Melbourne-based Mr Yum launched in Sydney and Perth Airports this year and announced a global partnership with Afterpay.
It claims there are now more than 1,500 venues using the platform, with 13 million users.
In the past 12 months, the firm claims 44% of Australians have used the platform.
