UniUni has entered into a term sheet for a new round of private funding shortly after the company’s billion-dollar merger was called into question.
The news: On Thursday, MAK Acquisition Corp, a special purpose acquisition company (SPAC) headed up by ex-Dye & Durham CEO Matthew Proud, sent a notice of breach to UniUni, alleging the company’s deteriorating finances had breached the conditions of a merger agreement the two organizations struck last May. The following morning, UniUni announced it was entering into a term sheet for a private funding round led by an undisclosed existing investor.
From the source: MAK said that when the purchase agreement was signed in May, UniUni agreed to operate “within certain specific parameters” until the merger occurred, and that those parameters had not been met as the company’s “financial performance has deteriorated.” MAK’s notice of breach allows UniUni 15 business days to resolve the issue, after which The Globe and Mail reports MAK intends to terminate the deal.
The context: Based out of Richmond, BC, UniUni uses gig-workers and passenger vehicles to deliver goods to consumers. It has partnered with outlets like Temu, Shein, and AliExpress, and in 2025 claimed a network of more than 100,000 registered drivers across Canada and the US.
The notice of breach and subsequent term sheet agreement come on the heels of a series of successful raises by UniUni. In 2025, the company announced a $95 million CAD Series D round, and in March of this year it secured $85 million USD ($120 million CAD) in equity financing. When it announced the merger with MAK in May, UniUni was valued at more than $1 billion CAD. However, recent reporting suggests the company is “deeply unprofitable,” and it is also facing several lawsuits, including class action allegations of unfair labour practices.
Final thought: UniUni’s pivot toward new private funding appears to be both a response to the potential for MAK to scuttle the company’s IPO, and an acknowledgement that the 15-day window to resolve the breach is unachievable. In a statement, UniUni did not acknowledge MAK’s notice of breach, instead saying the purpose of seeking new investment was to support its continued growth across North America and strengthen its financial position ahead of the holiday’s peak delivery season.
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Feature image courtesy UniUni.