Providence backs restaurant software developer Mapal

The GP is currently investing via Providence Strategic Growth Fund IV, which was launched in February 2019 with a $1.75bn target and a $2bn hard-cap. The fund provides growth capital to lower-mid-market software and tech companies based in North America and Europe, and invests equity tickets of $5-75m.

The company plans to use the fresh financing to accelerate its international expansion and boost its market penetration by pursuing a buy-and-build strategy across Europe, Latin America and the US.

Mapal's current management team, led by founder and CEO Jorge Lurueña, will continue to oversee the company's day-to-day operations.

Company
Founded in 2008 and headquartered in Madrid, Mapal is a provider of management and business analytics software for the restaurant and retail sectors. Its flagship tool, GIRnet, helps restaurant operators automate and optimise the management process. The company's client base includes Spanish and international brands, such as La Tagliatella, Burger King, Starbucks, KFC, Taco Bell, Pizza Hut, Grupo Areas and Five Guys.

People
Providence Strategic Growth – Edward Hughes (managing director).
Mapal – Jorge Lurueña (founder, CEO).

Advisers
Company – Deloitte Financial Advisory (corporate finance); Baker McKenzie (legal).

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• Topics
• Expansion
• Southern Europe
• Technology
• Providence Equity Partners
• Spain
• Deloitte