Last mile delivery business Drive Yello and café ordering app Hey You have merged in a bid for a bigger slice of the market and will look to raise up to $15 million for the combined business early next year.Both companies’ existing shareholders have rolled in to a new top entity, 4YOU Innovation. That includes Drive Yello’s investors Tidal Ventures, beverage business Lion and founder Steve Fanale, and Hey You’s investors Alium Capital, Exto Partners and Reinventure in a 60-40 split.
Its merger partner, Hey You offers an advance ordering app for café pickups that’s popular in Sydney and just getting started in Melbourne and Brisbane. It takes a cut of the order value.Fanale, who would lead the merged business alongside his co-CEO Asheesh Chacko expects the merger to help both businesses expand.
Blackpeak Capital’s Scott Colvin advised on the merger and would also run the $15 million odd capital raise in the new year. It was early days for valuation, but similar businesses fetch about six-times revenue.
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