Startup Spotlight: Mr Yum (Hospitality-Tech)
Four years to build a company that has attracted $100 Million AUD in total funding. Incredible. This isn’t some AI, military, or space-age techno gadget invention company either.
Mr Yum is a tech-hospitality service startup that makes marketing, payments, and ordering easy and seamless for events, restaurants, and other hospitality businesses.
You wouldn’t believe they survived through COVID-19 with the devastating impact on the hospitality industry but they did, and now have the goal to become “The Shopify for Restaurants”.
The widespread adoption of QR codes throughout the pandemic actually provided a boost to company growth and transition to digital menus.
Founded in 2018 by the team of Kim Teo, Andrei Miulescu, Kerry Osborn and Adrian Osman 🚀, the Melbourne based company now has $73 million USD in funding and offices across Australia, the United Kingdom, South Africa, and the United States.
According to their website, Mr Yum has been serving leading brands such as Sydney Airport, Live Nation, Strings of Life, Wayland’s Yard, and Magic Mike Live throughout the lifespan of the company.
I love this little story from an interview between Airtree’s James Cameron and Mr Yum’s founder Kim Teo:
What was your thought process and plan like for international expansion?
The reality of being an Australian company is you can’t build a very big business with only local customers and networks. And it’s difficult for a business like Mr Yum to go international without people on the ground.
We were deciding between the US and UK for our international expansion, and we chose LA for a whole bunch of different reasons. Because of COVID, we either had to go for three months or stay in Australia. We applied for an exemption to travel and were lucky that it got approved pretty quickly. We’re lucky that Kerry and Andrei could stay in Australia and continue to build the team there.
We weren’t vaccinated and it seemed like the most insanely ridiculous thing to do — LA was one of the biggest COVID hotspots at the time. Adrian and I booked a one-way ticket and there were 10 people on the flight. We looked at each other and said, “This is either the best thing we’ll ever do or the most ridiculous thing that we’ll ever do”.
Pivot
When the COVID-19 pandemic hit in March 2020, the team built out a delivery platform for its customers in a matter of days, providing an alternative to the likes of UberEats and Deliveroo, and allowing the startup to turn a profit for at least parts of the year.
Funding
- Feb 1st, 2019 — Pre Seed Round — Rish Chaudhuri
- May 31, 2019 — Seed Round — Australia Venture Co. — $1.5M
- April 20, 2021 — Venture Round — TEN13 — $11M
- November 29, 2021 — Series A — 12 Investors — Tiger Global — $89M
Worthy note: Mr Yum achieved the largest Australian Series A funding round for a female-led company, and the third-largest Series A in Australian history.
Investors in the round, led by Tiger Global Management, include Skip Capital (the private fund of Atlassian co-founder Scott Farquhar and Kim Jackson), Tennis Australia’s Wildcard Ventures, Broadsheet founder Nick Shelton and Kogan founder Ruslan Kogan. Existing investors TEN13 and AirTree also followed-on in this round, making their largest investments to date into the company.
Other investors in Mr Yum include US-based Australian NBA star Patty Mills of the San Antonio Spurs and Grammy Award winning artists Rüfüs Du Sol.
Investors & Financials
While Teo doesn’t share any revenue growth figures, she does point out that the team has grown to more than 120 full-time employees, up from a team of 12 pre-pandemic.
Mr Yum has more than 1500 venues on the platform, with a total of 13 million users.
AirTree partner James Cameron said 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,” he noted. “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.”
#AIRTREE
Airtree is a venture capital fund focused on investing in the best Australian and New Zealand technology founders. AirTree’s mission is to back founders from the very start with strong conviction. They’ve partnered with over 80 of the fastest growing and most impactful tech companies that are transforming a wide variety of industries. In 2022, Airtree launched a new fund with $200 million dedicated to seed stage companies and $50 million to Web3 projects.
#TEN13
TEN13 is another Australian-based venture capital company that focuses on companies in their early stages. It currently has 33 investments and has invested $7.59 million in Mr Yum during a Venture Round on April 20, 2021.
#TIGERGLOBAL
Tiger Global Management, a US-based investment firm that acts as a hedge fund, a private equity firm, and a venture capital company. Tiger Global is Mr Yum’s biggest investor, investing $65 million in the Series A funding round last November 29, 2021.
Acquisitions
Mr Yum has also made one acquisition, picking up MyGuestlist — a reservations and marketing management tech company — last May 3, 2022.
Insights
As of writing — they recently laid off 44 employees (17% of its 260-strong workforce).
According to a blog post by Teo, inflation has hurt the business, which led to this decision. They do, however, have solid investors and a good amount of money on their war chest, so time will tell if they come out of this stronger.
Software Developer
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MarComms Specialist
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🌟 Are you tapping into the market of top talent? 🌟
Did you know that a whopping 70% of professionals are passive job seekers, open to new opportunities? 🤔 That's right! These individuals may not actively be searching for a new job, but they are certainly open to exploring exciting career prospects if the right opportunity comes knocking. 💼
As a recruiter or hiring manager, it's crucial to recognize the potential of this untapped talent pool. By actively engaging with passive job seekers, you can gain access to a vast array of highly skilled professionals who may not be actively applying for positions. 🎯
So, how can you tap into this market of top talent? Here are a few strategies to consider:
1️⃣ Build a strong employer brand: Showcase your company's culture, values, and opportunities through compelling content and testimonials. This will pique the interest of passive job seekers and make them more likely to consider your organization.
2️⃣ Leverage social media: Utilize platforms like LinkedIn, Twitter, and Facebook to engage with professionals in your industry. Share industry insights, job openings, and company updates to capture the attention of passive job seekers.
3️⃣ Network strategically: Attend industry events, conferences, and webinars to connect with professionals who may not be actively seeking new roles. Building relationships and staying on their radar can lead to future opportunities.
4️⃣ Offer flexible work arrangements: Many passive job seekers prioritize work-life balance and flexibility. By offering remote work options or flexible schedules, you can attract these professionals who value a better work-life integration.
Remember, passive job seekers can bring a wealth of experience, skills, and fresh perspectives to your organization. By tapping into this market, you can gain a competitive edge and access top talent that may not be readily available through traditional recruitment methods. 🌟
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Leverage your LinkedIn profile, resume, and cover letter as powerful tools to highlight your unique skills and experiences. Showcase real-life examples of how you've utilized these skills to achieve results. #CareerGrowth #PersonalBranding #SkillShowcase
🌟 Seeking a new opportunity? Make sure to consider the employer's reputation! 🌟
Did you know that a whopping 75% of job seekers take into account an employer's reputation before applying for a job? It's true! In today's competitive job market, it's essential to carefully evaluate potential employers to ensure a positive and fulfilling work experience.
A company's reputation can speak volumes about its culture, values, and overall employee satisfaction. By researching and considering an employer's reputation, you can gain valuable insights into what it's like to work there and make an informed decision about your career path.
Here are a few reasons why considering an employer's reputation is crucial:
1️⃣ Work Environment: A positive work environment fosters productivity, collaboration, and personal growth. By choosing an employer with a strong reputation, you increase your chances of joining a supportive and inspiring workplace.
2️⃣ Employee Satisfaction: Happy employees are more likely to thrive and succeed in their roles. A company with a positive reputation often prioritizes employee well-being, leading to higher job satisfaction and overall happiness.
3️⃣ Growth Opportunities: A reputable employer often offers excellent growth and development opportunities. By aligning yourself with a company known for investing in its employees, you can enhance your skills, advance your career, and achieve your professional goals.
So, how can you assess an employer's reputation? Here are a few tips:
✅ Research: Utilize online resources, such as company review websites and social media platforms, to gather insights from current and former employees. Pay attention to recurring themes and feedback to get a comprehensive understanding.
✅ Network: Connect with professionals in your industry who have experience working for the company you're interested in. Their firsthand knowledge can provide valuable insights and help you make an informed decision.
✅ Company Values: Evaluate the company's mission, values, and culture. Do they align with your own? A strong alignment can contribute to a more fulfilling and rewarding work experience.
Remember, your career is a significant part of your life, and choosing the right employer can make all the difference. So, before you hit that "Apply" button, take the time to consider an employer's reputation and ensure it aligns with your aspirations.
#JobSeekers #EmployerReputation #CareerGrowth #WorkplaceCulture #EmployeeSatisfaction #ProfessionalDevelopment
🌟 Boost Your Employer Brand, Attract Top Talent! 🌟
Did you know that a whopping 84% of candidates are more likely to interview for a job if the employer actively manages their employer brand? 📈✨
In today's competitive job market, it's crucial for companies to establish a strong employer brand to attract and retain top talent. Your employer brand is the perception potential candidates have of your organization as an employer, and it can significantly impact their decision to apply or accept a job offer.
Investing in your employer brand not only helps you stand out from the crowd but also enhances your company's reputation, increases employee engagement, and ultimately drives business success. 💼🚀
By actively managing your employer brand, you can create a positive and authentic image that resonates with candidates, showcasing your company culture, values, and opportunities for growth. This, in turn, attracts candidates who align with your organization's mission and vision, leading to higher-quality hires and improved employee retention rates. 💪🌟
So, how can you effectively manage your employer brand? Here are a few key strategies to consider:
1️⃣ Define your employer value proposition (EVP) - Clearly articulate what sets your company apart as an employer and why candidates should choose you over your competitors.
2️⃣ Leverage social media - Utilize platforms like LinkedIn, Facebook, and Twitter to share engaging content that showcases your company culture, employee testimonials, and career development opportunities.
3️⃣ Encourage employee advocacy - Empower your employees to become brand ambassadors by sharing their positive experiences working for your organization on social media and other relevant platforms.
4️⃣ Prioritize candidate experience - Ensure that every touchpoint with candidates, from the application process to interviews, reflects your company's values and provides a positive experience.
5️⃣ Monitor and respond to online reviews - Actively manage your online reputation by monitoring and responding to reviews on platforms like Glassdoor, Indeed, and Google.
Remember, a strong employer brand not only attracts top talent but also helps you retain your best employees, fostering a positive work environment and driving long-term success. 🌟💼
#EmployerBrand #TalentAcquisition #CompanyCulture #EmployeeEngagement #RecruitmentStrategies #HRStrategies #EmployerReputation #CandidateExperience #EmployeeAdvocacy #BusinessSuccess
As a business owner or manager, building a great team is crucial to success. But how do you go about finding the right people? The key is to look for individuals who complement each other's strengths and weaknesses, just like the perfect sandwich. By bringing together a diverse group of individuals with different skill sets and perspectives, you can create a team that is greater than the sum of its parts. So, next time you're hiring or building a team, think about the ingredients that will make the perfect team sandwich. ;-)
Maximize your job application success by researching the company's culture, values, and mission beforehand. This will help you tailor your application and ace your interviews. #JobApplicationTips #CareerAdvice #InterviewPreparation
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✨ In today's digital age, candidates have access to a wealth of information about potential employers. They can easily explore a company's website, social media profiles, and online reviews to gain insights into its culture, values, and reputation. This research helps candidates determine if a company aligns with their career goals and values.
📈 Building a robust online presence not only attracts top talent but also enhances your employer brand. By showcasing your company's unique culture, values, and employee experiences, you can create a compelling narrative that resonates with potential candidates. This, in turn, increases the likelihood of attracting highly qualified individuals who are genuinely interested in joining your organization.
💡 So, how can you optimize your online presence to attract the right candidates? Here are a few tips:
1️⃣ Maintain an up-to-date and user-friendly website that reflects your company's values and showcases your employer brand.
2️⃣ Regularly post engaging and informative content on your social media platforms to demonstrate your industry expertise and company culture.
3️⃣ Encourage current employees to share their positive experiences working at your company on platforms like Glassdoor or LinkedIn, as this can significantly impact a candidate's perception.
4️⃣ Respond promptly and professionally to online reviews and feedback, showing that you value candidate and employee opinions.
🔑 Remember, your online presence is a powerful tool for attracting top talent. By investing time and effort into building a strong online image, you can significantly increase your chances of attracting the right candidates who are excited about joining your team. 💼
#OnlinePresence #EmployerBrand #Recruitment #Hiring #CandidateExperience #LinkedInTips
As a leader, building a great team is crucial to achieving success. It's like baking a cake - you need the right ingredients, the right recipe, and a little bit of magic. And maybe some frosting too! #teamwork #leadership #success #bakingacake
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Stay updated with the latest trends and opportunities. #Networking #JobHunting #ProfessionalGrowth
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