Charlotte private equity group Frontier Capital said this week it has invested $30 million in Tango, a Dallas-based firm that provides software and consulting services to retail and restaurant companies to help them manage their real estate and store development strategies.
The investment is the second from Frontier’s $390 million Fund IV, which it raised earlier this year to pursue its strategy of investing in high-growth software and business services companies.
Tango’s client base includes over 120 retail brands including Yum! Brands, Dunkin’ Brands Group and Big Lots, Andrew Lindner, managing partner at Frontier Capital, noted in a statement this week.
“Tango has earned a solid reputation by transforming how retail and restaurant companies manage their real estate and store development processes,” Lindner said.
Among other initiatives, Frontier’s investment will go toward helping Tango accelerate growth in the retail industry and expand sales and marketing efforts.
Last month, Frontier Capital announced a $40 million investment in Indiana-based software company Electronic Commerce Inc., marking its first investment from the $390 million Fund IV.
Frontier was founded in 1999 and has its headquarters in Charlotte’s midtown area. It invests in companies with annual revenues ranging from $5 million to $30 million.