MOBI merges with HungryHungry

We are pleased to announce that MOBI has merged with HungryHungry, a similarly sized Australian company, to create a leading hospitality-focused technology company. The combination will present a strong technology solution to small, medium and enterprise hospitality clients across Australia, New Zealand and North America. 

Importantly, this is the next step in market consolidation in Australia, with the two largest players merging last year, and the combined Mobi-HungryHungry company as a strong number two. The new company has far superior capital efficiency than their larger peers, and will be ably led by HungryHungry Co-Founders Shannon Hautot and Mark Calabro.

We’re proud to have been the first fund to invest in MOBI (formerly Mobi2Go), and the team has been instrumental in the work from the New Zealand investor side to get this deal completed.

Our early belief in the founder, Tarik’s Mallet’s vision and the company’s potential has led us to this next phase in the journey. We’re also delighted to note that we will be proportionally increasing our shareholding through the acquisition by acquiring a majority of the exiting MOBI founders’ shares. This will enhance our position within the new company and allow us to benefit from its future growth and success.

This is an all-scrip merger and structured as a merger of equals. While there will be no immediate returns to shareholders as a direct result of this deal, we now have a directorship in the merged company (where we did not before in MOBI) and are already working closely with the HungryHungry founders to expedite the global opportunity.

For more details on the merger and its implications, please refer to the official press release.