Latvian modular home manufacturer MYCABIN receives €1.55M from Merito Partners
The Riga-based Merito Partners’ private equity fund has announced the investment of €1.55 million in modular home manufacturer MYCABIN. The funding will be used to develop MYCABIN’s products in export markets, expand production facilities, and increase production capacity.
- Launched in 2020, MYCABIN offers timber frame Scandinavian design holiday homes of various sizes that can be placed ready-made anywhere where construction is permitted. With four all-season frame models available, these houses can be combined and connected to a terrace, and come fully equipped for comfortable living.
- The most popular MYCABIN models My Milla 25 and My Milla Long are designed to make use of maximum vertical space, with the living space located also on the second floor. To date, MYCABIN has already installed more than 40 houses in Latvia. In 2022, the startup started collaboration with partners in the USA on a franchise basis.
- MYCABIN is the second portfolio company for Merito Private Equity FUND’s. Recently, it led the investment for the Riga-based TapBox, a one-stop self-service solution provider for a wide range of industries and application areas.
“The demand for tiny modular houses is growing as the costs of energy, materials and construction increase. MYCABIN has experienced rapid growth in the Latvian market and quickly attracted the interest of collaboration partners in the USA and elsewhere in the world. While expanding our operations in export markets, Latvia will remain as R&D center of new house designs,”Girts Draugs, MYCABIN chairman of the board comments.
- The fresh investment will help MYCABIN to expand its production facility near Riga, increase the production capacity to ten houses per month, and speed up deliveries. The expanded premises also provide an opportunity to store ready-made house models. As a result, customers can receive a standard design tiny house in two weeks.