Fintech
MOBILE PAYMENTS COMPANY MR YUM RAISES RECORD-BREAKING £48M SERIES A ROUND
London-based Australian mobile payments company Mr Yum has raised a £48M Series A round, led by Tiger Global.
This is the largest Series A for a female-led company in Australia, and the third-largest Series A in Australian history.
Other investors include Commerce VC, VU Venture Partners and Skip Capital (the private fund of Atlassian co-founder Scott Farquhar and Kim Jackson). Existing investors TEN13 and AirTree also followed-on, making their largest investments to date into the company. Other investors in Mr Yum include Australian NBA star Patty Mills and Grammy Award winning artists Rüfüs Du Sol.
The Series A follows Mr Yum’s £6 million Post-Seed round in April 2021, bringing the total funding raised to date by the company to £55M ($100M AUD).
Mr Yum launched in the UK in 2021 and has been successfully rolled out leading venues including Little Creatures and The Breakfast Club, as well as festivals including Taste of London and Henley Regatta.
Founded in Melbourne, Australia, in November 2018, in just three years Mr Yum has become a global-leading mobile ordering, payments and growth platform that’s creating the best growth toolkit for hospitality and entertainment.
As a first-mover, Mr Yum has been adopted in all types of venues, including casinos, theatres, shopping centres, cinemas, cruise ships and airports as well as restaurants, bars, pubs and cafes.
Mr Yum CEO and co-founder Kim Teo says the funding round will accelerate the company’s global growth.
“We couldn’t be more excited about the new partners that have joined our crusade. This round of capital allows us to triple down on our global lead on product innovation as we grow our teams across the US, the UK and Australia,” she says.
“Restaurants are embracing technology more than ever and our focus is building best-in-class tools to help them grow.”
Tiger Global partner John Curtius says the company is thrilled to lead the Series A round to support Mr Yum to continue scaling globally.
“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,” he says.
AirTree partner James Cameron says it’s rare to see consumers adopt a new behaviour as quickly as they have with Mr Yum’s products.
“Their QR codes have now become ubiquitous in Australia, and it’s happened pretty much overnight. 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,” he says.
The company 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 the Melbourne headquarters.
Mr Yum has 13 million users and more than 1500 venues on the platform globally.