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BaltCap Latvia VC fund invests in Vendon

BaltCap has invested EUR0.5 million into Latvian business “Vendon”, a producer of monitoring systems and solutions for vending machines.

Vendon is a draugiem.lv group company supplying international and local vending machines with Latvian-produced equipment and solutions with support of telemetry systems. These allows monitoring of capital and product flow in the machines as well as efficient receipt of information about damage or other technical problems.
 
“We’re proud to be one of the few in the world who have developed such solutions which are already highly appreciated and recognised by our current customers. All processes – programming and equipment production – happen in Latvia, thus adding value to local economy. This investment will offer us faster development, providing new employment vacancies and organizing active international selling. I’m sure that we’ll create a new export success story for Latvia,” says Vendon’s Sales Director in Europe Georges A Cywie.
 
BaltCap’s financing is made up of private investor contributions as well as European Union Structural Funds money which is administered by the Latvian Guarantee Agency.
 
“We are truly delighted by the opportunity to support experienced professionals from the Vendon team in their ambitious plans. Currently, these types of solutions are not extensively developed in Europe. That’s why we belive that Vendon, with their user-friendly solutions and experienced team will help to create effective telemetry solutions,” says Martins Jaunarajs (pictured) from BaltCap.
 

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