Latvian startup Mapon raises €3M to accelerate its European expansion

Mapon, a Riga-based fleet management solution provider, has raised €3 million in total from private and institutional investors. The funding will be used to finance company acquisitions and further expand Mapon’s operations in Europe. 

  • Co-founded by Ingus Rukis and Andris Dzudzilo, Mapon provides a fleet management and asset-tracking solution across Latvia, Spain, Estonia, Finland, Lithuania, and Denmark. Its platform includes GPS tracking, fuel control, route planning, temperature monitoring, security, tachograph data management, digital vehicle inspections, asset tracking, IoT, video telematics, and other features.
Ingus Rukis and Andris Dzudzilo. Image: Mapon
  • According to the company’s data, Mapon’s turnover reached €17.3 million in 2023. This year, it is estimated to exceed €22 million. Mapon is used by over 30,000 customers and has a network of partners across six continents. Customers have tracked more than 30 billion kilometers using Mapon solutions. Currently, the company employs 180 people.

We’ll use the funds raised in the bond issue to make similar deals in the future. I’m certain that this opportunity will let us further strengthen our position in our current markets and invest in opening new branches in Europe,

Andris Dzudzilo, co-CEO of Mapon, comments.

The long-term bonds with principal repayment at the end of the term will enable the company to quickly react to potential acquisition opportunities. Mapon also aims to further fuel its expansion in Europe and maintain a 30% annual growth rate.