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BaltCap sells Vendon to Azkoyen

BaltCap, a Baltics-focused private equity and venture capital investor, has sold Latvian company Vendon SIA to Azkoyen, a Spanish technology company.

Vendon SIA is part of Draugiem Group and is a leading company in connectivity and IoT solutions in digital payment and telemetry in Central Europe.
Vendon provides remote vending management and payment processing services enabled by hardware, firmware, and software. The company, founded in 2011 and headquartered in Riga, with the largest markets in France, Germany, Benelux and the UK, has more than 45,000 connected machines. Vendon is on its journey from a European based company to a global player by having connected machines in more than 82 countries.
BaltCap has helped the company to become a significant player in its field. BaltCap Latvian VC Fund invested in Vendon in several tranches, starting from 2011. During the first five years of the investment, it gradually increased its investment from the initial EUR 0.5 million to EUR 1.46 million.

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