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14 March 2024·2 min read

Joy Laoun

News Editor, Vestbee

Latvian Mapon secures €3M to expand its operation in Europe

Mapon, a Riga-based platform for fleet management and asset tracking, has issued bonds worth €3 million, attracting private and institutional investors.

  • Founded in 2006 by Lauris Liberts, Mapon belongs to the largest IT group in Latvia, the Draugiem Group. The startup develops a platform that offers a wide range of solutions, including GPS tracking, fuel control, route planning, temperature monitoring, security, tachograph data management, digital vehicle inspections, asset tracking, IoT, and video telematics.  
  • Based in Riga, Mapon has offices in Spain, Finland, and Denmark and a team of 180 people. Since the startup’s launch, it has acquired more than 30,000 customers and a wide network of partners across six continents. According to Mapon’s data, its turnover reached €17.3 million in 2023. This year, it is estimated to exceed €22 million. 

Bond issue process

  • The bonds worth €3 million were offered to investors in a private placement. The issue process was supported by Signet Bank, the first bank established in Latvia after independence. COBALT, the Baltics' law firm, and Eversheds Sutherland, a global legal firm, also participated in the process. 

"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 Managing Director of Investment Banking at Signet Bank, Edmunds Antufjevs, said.

  • Mapon is planning to list the bonds on the Nasdaq Riga First North multilateral trading facility within the next year. Also, it will use the funds raised in the bond issue to make similar deals in the future and will open new branches in Europe, according to Andris Dzudzilo, co-CEO of Mapon. 

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