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Inside the ‘shotgun’ merger of rival apps backed by AirTree, Hemmes

Rival investors in restaurant QR code start-ups Mr Yum and me&u spent months jostling over who would get more of their money back if things were to go poorly for the companies that merged last week.

The tense negotiations are a sign of how venture capitalists are trying to protect themselves from any losses that come from exuberant investments in companies that were once darlings of the pandemic.

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Tess Bennett is a technology reporter with The Australian Financial Review, based in the Brisbane newsroom. She was previously the work & careers reporter. Connect with Tess on Twitter. Email Tess at tess.bennett@afr.com
Jessica Sier is the North Asia Correspondent for The Australian Financial Review. She is based in Tokyo, Japan. Jessica has previously written on technology, global capital markets and economics. Connect with Jessica on Twitter. Email Jessica at jessica.sier@afr.com

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    Original URL: https://www.afr.com/technology/inside-the-shotgun-merger-of-rival-apps-backed-by-airtree-hemmes-20230922-p5e6t2