Smart50 Rising Star Award winner: Mr Yum
Founded in 2018 by chief executive Kim Teo (pictured), along with Kerry Osborn, Adrian Osman and Andrei Miulescu, Mr Yum was created with the aim of bringing menus to life.
The QR-code tool allowed restaurants and cafes to share online menus, meaning diners could get a good look at what they were planning on ordering before making a commitment. They could also order and pay for their meals and drinks from their phones at the table.
For customers, Mr Yum provided a quick and easy way to order and a way to combat the dreaded ‘food envy’. For businesses, it meant less admin for waiting staff and less pressure on tight margins.
According to Mr Yum, venues that use the platform can see average order values increase by up to 40%.
But when the COVID-19 pandemic hit, My Yum was operating entirely as an in-venue ordering solution, meaning revenues dropped to zero almost overnight.
The team pivoted to launch a delivery and pick-up solution for its venues instead, offering them an alternative to the bigger delivery companies that often take a hefty commission fee.
A few months later, when hospitality started to open up again, suddenly Mr Yum’s core QR-code tech was a part of everyday life, and the startup’s growth since has earned it the 2021 Smart50 Rising Star Award.
In 2021, Mr Yum startup launched in the US and the UK and, since the start of the year, the business has raised $100 million in capital — closing an $11 million raise in April and an $89 million Series A in November.
It has also partnered with Afterpay to offer buy-now-pay-later for food and beverages.
Mr Yum has continued to innovate, introducing capabilities for a loyalty program and a batching functionality, for example, which means orders placed from the same table at the same time will be prepared and served together.
Our judges noted the way in which Mr Yum has been able to pivot and adapt within an industry that has faced dramatic changes over the past couple of years. Not only has the business grown since the onset of COVID-19, it has maintained its focus on making life easier for its hospitality customers, and continues to do so.
As one judge said: “The future looks bright for Mr Yum”.View Award Information