Me&U, Mr Yum enter all-in merger, expect to be profitable next year
Mobile ordering startups Me&U and Mr Yum have entered an all-in merger agreement, with the combined company expected to reach profitability by FY24 and significant cash reserves.
Sydney-based Me&U and Melbourne-based Mr Yum are collectively processing more than $2 billion of restaurant transactions per year across Australia, New Zealand, the UK, and the US. Both companies specialising in the use of QR codes in the hospitality industry were founded in 2018.
Mr Yum co-founder Kim Teo will lead the merged entity as CEO, while Me&U founder Stevan Premutico will join the board as a non-executive director and Me&U chair Damian Smith will take the merged companies’ chair position.
“Four types of customers interact with our products today – the venue operator, guests, staff, and head office teams,” said Teo.
“Over the next few months, our combined company will launch a number of new products/features focused on elevating the interactions between staff and guests, as well as marketing tools to help increase foot traffic and revenue.”