Funding

[Funding alert] Latiba-based Mapon Raises €3Million in Funding

Mar 12, 2024 | By Startup Rise EU

Mapon, a firm that specialises in asset tracking and fleet management, raised €3 million from investors by issuing bonds that drew interest from both institutional and private investors.

Mapon, a firm that specialises in asset tracking and fleet management, raised €3 million from investors by issuing bonds that drew interest from both institutional and private investors.

GPS tracking, fuel management, route planning, temperature monitoring, security, tachograph data management, digital vehicle inspections, asset tracking, Internet of Things, video telematics, and other solutions are all included in Mapon's platform.

It has more than 30,000 users and a wide network of partners spread over six continents. With Mapon technologies, users have tracked over 30 billion kilometres. The Riga-based corporation originated with the aim of continuing to outpace the market at its approximately 30% annual growth rate, which it has attained over the previous five years.

Read also - London-based Cogna Secures £3.76Million in Funding

According to Unaudited records indicates that in 2023, the company's revenue was €17.3 million. It is predicted to be more than €22 million this year. Mapon has grown to become one of the leading firms in the Baltic and Northern European markets over the last seven years through the successful acquisition of businesses and customer portfolios in Estonia, Finland, Lithuania, and Denmark.

Andris Dzudzilo, co-CEO of Mapon: "We'll use the funds raised in the bond issue to make similar deals. I'm certain that this opportunity will further strengthen our position in our current markets and allow us to invest in opening new branches in Europe."

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Edmunds Antufjevs, Managing Director of Investment Banking at Signet Bank, shared: "We're excited that an ambitious local company is expanding its operations and making acquisitions outside of Latvia, financed by capital market instruments. The IT industry is vital to the Latvian economy, and we're happy to see that local IT companies choose to issue bonds to expand their growth. The best indicator of Mapon's financial stability and professional management team is the demand from investors, which exceeded the bonds offered almost three times."

About Mapon

Mapon has effectively acquired businesses and customer portfolios in Estonia, Finland, Lithuania, and Denmark over the previous seven years. One of the top suppliers of asset tracking and fleet management systems in Northern Europe is Mapon. Regardless of their industry or fleet size, they create expert solutions to satisfy the business demands of their partners and clients.

Read also - London-based Agio Ratings Secures $4.6Million in Pre-Seed and Seed Funding

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