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Stevan Premutico, a pioneer in QR code restaurant ordering and digital technologies for hospitality, has announced his departure from the board of me&u, a company he founded in 2018 which merged with rival Mr Yum late last year.
In a LinkedIn post published overnight, Premutico described the decision as an "end of an era" after what has been a "true rollercoaster of ups and downs, tears and joy, and unforgettable memories".
"I am immensely proud of what the team has achieved. We began with an ambitious idea to transform how we order and pay in restaurants and bars around the world," he said.
"Today, we are the number 1 order and pay platform globally with $2 billion in annual sales and 6,000 restaurant partners across three continents."
"Ideas are interesting, but it’s great people that make them a reality. To the rockstars of the me&u journey - thank you."
He explained that visually beautiful menus, personalised experiences, effortless payments and one click rounds were simple in theory, but super complex in reality.
While also describing personal struggles through the process, he said that me&u survived the collapse of the economy amidst COVID-19 when so many others didn't, and was thankful for the support of family throughout the process.
"This is a fragile time for the hospitality industry. Great restaurants are closing, and great talent is leaving this great industry," he said.
"As the world becomes more isolated, the role of the restaurant in rebuilding society's fabric is more crucial than ever. Tech must stand up and help the industry craft a brighter and more sustainable future."
Prior to starting me&u, Premutico founded restaurant booking startup Dimmi which was sold to TripAdvisor in 2015.
"Both of my startups to date have been near decade-long chapters. In my 20s, we disrupted restaurant bookings with Dimmi," he said.
"In my 30s, we changed the way we order food and drinks with me&u. In my 40s - who knows? Only one thing is certain – it will be back in the restaurant space again.
"I love this industry, the people & deeply believe in the magic that happens when great tech meets great humanity and hospitality."
According to documents lodged with the corporate regulator, Premutico and his superannuation fund have shares in me&u that were last valued at around $19.5 million, or approximately a 5 per cent stake of the $396 million group.
The group is backed by leading hospitality, entertainment and retail sector investors including Merivale Group's Hemmes family, pubs and bottle shop owner Endeavour Group (ASX: EDV), festival and music company Untitled, Tyro Payments (ASX: TYR), and HSW Nominees which owns Brisbane's Howard Smith Wharves and Manly Wharf in Sydney.
Other investors include Airtree, Ten13, Perpetual, Hanrine Investments, Acorn Capital, Kim Jackson and Scott Farquhar's Skip Capital.
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