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Sometimes the darkest days offer glitzy opportunities.
As the live entertainment and hospitality industry woke up from a forced slumber, an Australian startup took a sweet, strategic position.
Mr YumThe Melbourne-based tech company, which specializes in ordering QR code groceries in pubs and restaurants, applies the same technology to live concerts and music festivals.
If the proof is in the pudding, then a handful of music industry artists and players have had a taste.
The ARIA award-winning trio for electronic music, Rüfüs Du Sol, as well as the Untitled Group, the UNIFIED Music Group, the Star Guard Patty Mills of San Antonio Spurs and Boomers and others have teamed up with other investors to create Mr. Provide post-seed funding of $ 11 million. A vote of confidence that deepens the connection between concerts and hospitality and offers a potential solution for festivals and concerts on the way to a paperless future.
The investment round was led by Brisbane venture firm TEN13 with AirTree. Stew Glynn, the main investor in TEN13, recently joined as part of the financing Mr YumBoard.
Rüfüs you Sol
In addition to making it easier to order food and drink, Mr. Yum’s codes can also help sell merch and other event related products.
For the maximum amount of money, the same QR code can be physically affixed around the venue and on tickets.
In addition, organizers can pre-sell merch with the code so that it can be picked up at show time or delivered after the concert.
Since the health crisis was recalled in March 2020, Mr Yum has grown his business 27x, a spokesman told TIO.
Today the company employs 65 full-time employees and processes hundreds of millions in food and beverage transactions with over 10 million users worldwide.
And the 1,100 venues using their technology have reported a 20-40% increase in customer spend.
Mr. Yum has contracts with brands such as Sydney Airport, Forum Theater, Yours and Owls Festival and Magic Mike Live (Australia and US), as well as international venues such as Sahara Casino in Las Vegas and Clapham Leisure Group in the UK
TIO spoke to Kim Teo, CEO and Co-Founder of Mr. Yum, to take a look into the future.
Kim Teo from Mr. Yum
TIO: Congratulations on your growing business. How did you get these investors across the line? Was there a magic ingredient in your product?
Kim Teo: Many Thanks. As a team, we have a great passion for the entertainment industry and have been supporting this category long before Covid.
For example, months before Covid we started working with Live Nation in Australia and New Zealand. Most of the products in our space are aimed solely at pubs – bars, cafes, restaurants – which we do, but it was our track record in the entertainment industry that attracted entertainment investors to join the journey.
Several key players from the music industry are on board. What applications do you see for the music industry?
We now work with many theaters, music festivals and arenas.
There are two main uses in these contexts. First, an exclusive experience with VIPs can order their food and drinks at their place, stand or table.
The other model is punters who can pre-order clicks and pickups.
You order and pay and receive a text message when they are ready to be picked up. This increases the average spend for organizers and reduces the number of lines, congestion and friction for consumers.
One day – touch wood – this pandemic will be behind us. Will the product continue to matter to consumers and industry in a post-COVID world?
In the past few months, Australia has normalized, well ahead of many other countries around the world. We were curious to see how strong the ordering behavior for mobile devices has remained. it’s here to stay
The venues have a more efficient and sustainable model and the friction for consumers has been removed.
If you order a beer on your phone and have it delivered to your seat or table a few minutes later, it is very difficult to get in line at a bar again.