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The self-service start-up TapBox has attracted investment from Merito Partners

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The growth capital fund of the Latvian investment company Merito Partners, founded last year, has made an investment in the self-service solution company TapBox, providing flexible growth capital for the development of the existing product and entry into new markets.

TapBox is a start-up company founded in Latvia, which has developed an innovative self-service solution. In the New Nordics and international market, TapBox offers businesses in various sectors a convenient and profitable way to introduce and maintain self-service services. The company’s goal is to become the top of the mind partner for introduction of self-service solutions.

In Latvia, TapBox solution is being used to streamline operations of receptions of medical institutions. Self-service terminals are available at Riga Eastern Clinical University Hospital and will be installed at a number of other medical institutions in the immediate future. The company has also started collaboration with Riga International Bus Station to introduce ticketing solutions. TapBox solutions are also used in the entertainment, retail and fintech sectors. At the end of 2022, TapBox started to cooperate with financial sector clients in Africa, and the company is currently studying other countries both in Europe and beyond.

In 2022, Merito Partners was founded by entrepreneurs and investors with many years of experience in the field of investment: Mikus Janvars, Mārtiņš Baumanis and Aigars Kesenfelds. Merito has registered an alternative investment fund manager Merito Management AIFP with the Bank of Latvia. It manages Merito Growth Capital FUND I, with a total target sum of EUR 50 million, of which over EUR 12 million have been invested during the initial subscription period by local investors and the founders of Merito Partners.

“We are delighted to attract Merito Partners, because the values of our companies and business development vision are aligned. Merito financing and considerable business experience will give TapBox the opportunity to consolidate its positions in Latvia and develop much more rapidly across a broader market. The additional capital will be used to increase exports, strengthen the team, and develop new and existing product and service solutions. In the immediate future, we plan to announce a new and unique way of selling this industry’s solutions,” commented Toms Piliksers, co-founder and chairman of the board of TapBox.

According to Mikus Janvars, co-founder and partner at Merito Partners: “Initially, we are building our private equity fund portfolio out of Latvia, but in time we will add New Nordic businesses that are competitive and have the potential to develop outside our region’s borders. TapBox is the first company in our portfolio and has demonstrated its capabilities by developing self-service solutions that are already functioning successfully in a number of sectors. And the technology has the potential to be utilised on an even broader scale. TapBox’s strengths are the SaaS or software as a service business model, strong team of professionals and the ability to export.” As a result of this transaction, Merito Partners has become a minority shareholder in TapBox.