New fund Merito Partners invested in the Latvian startup Tapbox

New Latvian-based venture fund Merito Partners invested in the Latvian developer of self-service solutions Tapbox. The amount of investment is undisclosed. Merito Partners has become a minority shareholder in TapBox.

The startup will use the financing to develop its solutions, increase the team and enter into new markets in Europe and beyond. 

Tapbox is a developer of self-service kiosks with the help of which it is possible to make payments, fill out and sign documents, scan, print, and use face recognition. Besides, Tapbox develops software solutions that provide centralized management and monitoring of kiosks.

The company offers its solutions mainly for medical institutions in Riga. It plans to implement its solutions in the transportation, entertainment, retail, and fintech sectors. At the end of 2022, TapBox started to negotiate with financial sector clients in Africa.

The startup was established in Riga in 2015 by Tom Pilixer and Jekabs Endzins.

Latvian-based alternative investment fund Merito partners were established in Riga in 2022 by Mikus Janvars, Mārtiņš Baumanis, and Aigars Kesenfelds. Merito Partners manages Merito Private Equity Fund I, which focuses mostly on financing startups from New Nordics (Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway, and Sweden). The average ticket is € 0.5-5M. The total target size of the fund is €50M, and €12M is already committed by investors. Tapbox is the first company in Merito's portfolio.