Vendon, a Latvian business that produces monitoring systems and solutions for vending machines, has received a €500k from private equity and venture capital firm BaltCap.
The company intends to use the capital to accelerate development, hire new people and organize active international selling.
A draugiem.lv group company, Vendon supplies international and local vending machines with Latvian-produced equipment and solutions with support of telemetry systems. This allows to follow capital and product flow in the machines as well as receive information about damages or other technical problems, thus optimizing human resources and transportation-related losses.
BaltCap financing is made up of private investor contributions, as well as European Union Structural Funds money, which is administered by the Latvian Guarantee Agency.
FinSMEs
10/02/2012