One of the startup sector’s biggest merger and acquisition deals will go ahead with rival restaurant ordering apps me&u and Mr Yum getting together.
The Sydney and Melbourne startups have raised a combined $165 million in venture capital, having both been founded in 2018, but the deal won’t deliver an exit just yet for investors, proceeding as an all-stock merger.
The deal has yet be approved by shareholders but appears to have widespread support from the celebrity cap tables on both sides.
The combined entity will have Mr Yum cofounder Kim Teo as CEO, with me&u chair Damian Smith running the merged board and me&u founder Stevan Premutico as a non-executive director. While the split was not disclosed, it’s believed to be a marriage of near-equals.