Herbert Smith Freehills’ private equity and venture capital team has advised Mr Yum on its A$89 million Series A capital raise.
The round was led by US investment firm Tiger Global, with further support from existing investors TEN13 and AirTree.
This new capital will be employed to fund the continued rapid growth and expansion of the company.
Mr Yum is an Australian tech startup that provides a QR code mobile ordering and payment platform for the hospitality and entertainment industries. The company began in Melbourne in 2018, based on the insight that people eat with their eyes and visual menus can help to increase spend per head. The technology provides a solution that helps businesses grow revenue while giving customers a seamless digital experience.
The Herbert Smith Freehills team was led by Co-Head of Venture Capital (Australia) Elizabeth Henderson, and solicitors Vincent Greco Schwartz and Mapa Madhawa, with support from Co-Head of Venture Capital (Australia) Claire Thompson and partner and Co-Head of Venture Capital (Australia) Clayton James. The team worked with associated tax practice Greenwoods & Herbert Smith Freehills, led by partner Toby Eggleston.
Elizabeth Henderson said, “We love working with founders like Kim, Adrian, Kerry and Andrei, and with companies like Mr Yum. And we love seeing Australian home-grown businesses make it on the world stage. Mr Yum has seen phenomenal growth and success over the past year and we as so pleased to be a part of its success.”
Vincent Greco Schwartz said, “I joined Herbert Smith Freehills in October and by November was finalising a raise for one of the most exciting start-ups in Australia. It was terrific to work with the team at Mr Yum.”
Mr Yum CEO and co-founder Kim Teo said: “Herbert Smith Freehills has been a dream to work with. We were introduced through a founder friend and from the very start, they made us feel confident and comfortable. The team gave sound commercial advice and worked blisteringly fast throughout the process. We are looking forward to building a long-term partnership with HSF and recommending them to other founders.”
Mr Yum Chief Financial Officer David Cook said, “The team at Herbert Smith Freehills provided expert and timely advice with a practical commercial perspective, which helped guide us through this process and deliver an outstanding outcome.”
This deal is another example of Herbert Smith Freehills’ market-leading work in Australian venture capital raisings. Other recent examples include:
- Kasada on its A$15 million Series B capital raise
- SafetyCulture on its A$60.5 million Series C capital raise
- Deputy Group on its A$111 million Series B capital raise
- Culture Amp on its A$120 million Series E capital raise and A$135 million Series F capital raise and secondary sale
- Linktree on its US$10.7 million Series A and US$45 million Series B capital raises
- Who Gives A Crap on its A$41.5 Million Series A capital raise.