Fund VI portfolio company merger: CoverManager merges with Zenchef

This milestone represents the first liquidity event in Fund VI. Our journey with CoverManager began in September 2022, and we continued to support the company as it scaled internationally from Spain to Mexico, Italy, and France. 

The group will move beyond reservation systems to deliver a powerful, AI and data-driven ecosystem that empowers restaurants to control every step of the guest journey — from discovery to loyalty — while maximising revenue and profitability. 

With a combined network of over 36,000 restaurants handling more than 650 million guest experiences annually across 20+ countries, it is set to emerge as a leading alternative to global platforms, committed to putting control back into the hands of restaurateurs. In addition, with a network of almost 800 Michelin-starred restaurants — including 60% of all Michelin-starred establishments in France and the Benelux, and 50% in Spain — alongside numerous other fine-dining destinations, the combined group will reinforce its position as a leader in the fine-dining segment.

By joining forces, both Zenchef and CoverManager will benefit from meaningful product synergies, accelerated geographic expansion, and a stronger value proposition in a fast-evolving hospitality sector. Industry trends such as digitalisation, multi-channel inventory management, and the growing need for direct guest relationships create a large market opportunity, valued at over €4 billion.

CoverManager’s merger with Zenchef reflects Bullhound Capital’s commitment to backing category-defining companies and driving strategic outcomes that unlock long-term value. After the merger, we will remain partners of the combined entity and continue supporting the business ahead its next stage of growth.

Per Roman, Founder and Managing Partner at Bullhound Capital: “The combination of CoverManager and Zenchef creates a global champion in hospitality software, with unmatched product depth and international reach. We are proud to support José Antonio Pérez Moral, the visionary founder of CoverManager, and Thomas Jeanjean, the brilliant CEO of Zenchef, in building the next generation of B2B software leaders.”

Thomas Jeanjean, CEO of Zenchef: “This combination marks a major milestone in our mission to support restaurateurs with independent, high-performance tools. Together, we’re aiming to build the most robust, AI and data-driven ecosystem in the market — one that helps restaurants thrive and grow on their own terms. We look forward to working hand-in-hand with the CoverManager team to build the future of restaurant technology and accelerate our impact across Europe and globally.”

José Antonio Pérez, Co-Founder & CEO of CoverManager: “By joining forces with Zenchef, we are building a gold standard in tech for the hospitality industry, allowing us to amplify our impact and accelerate our shared vision. This combination enables us to deliver even greater value to restaurants, empowering them to take control of their destiny in a highly competitive market and to deliver memorable guest experiences.”

About Zenchef
Zenchef empowers restaurants of all sizes — from family-owned bistros to Michelin-starred destinations — to take control of their guest experience and revenue management. With ZenchefOS, a commission-free platform, restaurants can streamline reservations, optimize table management, and accelerate payments, all while creating seamless, memorable dining experiences. Used by acclaimed establishments such as Table by Bruno Verjus, De Librije, Geranium, and Alléno Paris, Zenchef is redefining restaurant success with technology that puts hospitality first.

About CoverManager
CoverManager supports restaurants, nightclubs and beach clubs across Europe and LATAM, increasing customer demand and loyalty, reducing no-shows and streamlining operations through its hospitality solution. Founded in 2015, CoverManager integrates with over 140 technology tools to elevate the guest experience for venues ranging from small neighborhood gems to Michelin-starred restaurants.

About Bullhound Capital
Bullhound Capital is the investment management arm of GP Bullhound, partnering with founders building category-leading technology companies. Launched in 2008 with over €1 billion deployed, it has invested in global leaders such as Spotify, Klarna, Revolut, Slack, Unity, ConnexAI, and EcoVadis. With 13 offices worldwide, its platform delivers hands-on, founder-focused support across strategy, growth, and execution. From quantum to entertainment, Bullhound Capital backs global leaders applying artificial intelligence to solve real-world problems.

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