Mobile payments start-up Mr Yum raises $89m

Australian mobile payments start-up Mr Yum has raised $89 million in a Series A funding round.

Founded in 2018, the Melbourne-based start-up provides a platform which allows customers to order food and drink using QR codes.

Mr Yum said the capital will allow it to accelerate its growth plans in Australia, the UK, and the US.

The start-up also said it will use the investment for product innovation and growing its team around the world.

This funding round follows Mr Yum’s Post-seed round in April 2021 and brings the start-up’s total funding raised to more than $100 million.

This represents the third largest Series A funding round in Australian history, and the biggest female-led Series A funding round in Australian history according to Crunchbase data.

The start-up said it has over 1,500 venues on its platform, with 13 million users.
The round was led by US venture capital firm Tiger Global, and other participants in the round included Commerce VC, VU Venture Partners, Atlassian co-founder Scott Farquhar and Kim Jackson via Skip Capital, Tennis Australia’s Wildcard Ventures, and broadsheet founder Nick Shelton and Kogan founder Ruslan Kogan.

Returning investors in the round included TEN13 and AirTree.

“We are heavily invested in restaurant technology around the world,” said Tiger Global partner John Curtius. “We understand the category and players well and Mr Yum is the clear leader in product innovation for mobile ordering and payments.”

“Mr Yum’s QR codes have now become ubiquitous in Australia, and it's happened pretty much overnight,” said AirTree partner James Cameron. “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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