Latvian self-service solutions developer TapBox raises funds from Merito Partners
The Riga-based TapBox, one-stop self-service solution provider for a wide range of industries and application areas, has raised an undisclosed amount of investment from Merito Private Equity FUND I that was launched in November 2022. The round will help to accelerate TapBox’s development and enter into new markets.
- Launched in 2015 by Jekabs Endzins, TapBox develops a range of self-service solutions: self-service system design, procurement, software development, and maintenance. TapBox’s approach allows for a precise response to business needs, enables integration with existing business systems, boosts business productivity, as well as offloading the human resource of repetitive tasks.
- The company’s self-service terminals are available at Riga Eastern Clinical University Hospital and will be installed at a number of other medical institutions in the immediate future. TapBox has also started collaboration with Riga International Bus Station to introduce ticketing solutions, and with several financial sector clients in Africa.
- The fresh investment was led by Riga-based Merito Partners, an investment company founded in 2022 with a focus on the “New Nordic” market. During its first months of operation, the company has attracted 30 investors and financing at a total of €17 million. It manages Merito Private Equity FUND I, with a total target sum of €50 million.
“Initially, we are building our private equity fund portfolio out of Latvia, but in time we will add New Nordic businesses that are competitive and have the potential to develop outside our region’s borders. TapBox is the first company in our portfolio and has demonstrated its capabilities by developing self-service solutions that are already functioning successfully in a number of sectors. And the technology has the potential to be utilized on an even broader scale,”Mikus Janvars, Merito co-founder and partner.
- The fresh investment will give TapBox the opportunity to consolidate its positions in Latvia and develop much more rapidly across a broader market. To date, it will be used to increase exports, strengthen the team, and develop new and existing product and service solutions.