Latvian e-commerce platform Supliful negotiates a mezzanine loan of up to €2M from fund FlyCap

Latvian platform for creating and selling branded cosmetics, vitamins and food supplements Supliful negotiates a mezzanine loan of up to €2M from Latvian opportunity capital fund FlyCap.

Founded in Riga in 2021 by Mārtiņš Lasmanis and Rihards Piks, Suppliful is a platform for online businesses. E-commerce enterprises can order such services as product creation, packaging, storage, and shipping. In the end, they pay for product fulfillment as soon as the customer makes an order in their stores.

The startup employs almost 40 people and has offices in Riga and Denver, Colorado (US). Supliful's 600-square-meter order fulfillment center is also located in the US.

The company will use the investment to tenfold the turnover to $50M in 2024.

Earlier, Supliful raised  €1.9M with SAFE notes from Estonian angel investors, Estonian accelerator Startup Wise Guys, California-based Diaspora Ventures, Czech Zaka.vc, and other investors.

Founded in 2013 by Girts Milgravis, Janis Liepins, and Janis Skutelis, FlyCap is a €21M mezzanine fund. It focuses on medium-sized companies in Europe. The average ticket ranges from €1M to €2M per company. Currently, FlyCap invests via Mezzanine Fund II AIF KS.