The high-tech manufacturer Eldes JSC signed an investment agreement with the development capital fund LitCapital. The company which is specialized in sector of Internet of things, expects further expansion into foreign markets. Eldes creates GSM based remote control devices and solutions for M2M (machine to machine) market. The signed contract between the company and the investors will help to develop new products and expand sales in new geographic markets, as well as speed up the development of the company.
Eldes JSC was founded in 2005. Since its opening, the founders and co-workers, operates in dynamic and growing M2M technology market. The company’s products are being exported to more than 50 countries around the world. Professional skills, deep technical knowledge, ambition and consistent growth allows the company to be a regional leader. This strongly influenced LitCapital’s decision to back the company.
“Currently we are developing a number of products that are expected to significantly increase our revenues in the future. You must have technological advantage and be ahead of competition in order to be successful. Company’s products are successfully being sold in the global market and we firmly believe that additional fresh capital and sound business advice from our financial partner is the true competitive advantage that will help us to execute our long term growth plans– said Rolandas Dranseika, Eldes CEO.
LitCapital is a growth capital fund, established in a cooperation with European Investment Fund in 2010 under JEREMIE initiative. Fund size is 25 million EUR and it is aimed at investing in small – medium size enterprises in Lithuania. Fund is aimed at long term investments in the authorized capital of private enterprises seeking their faster growth and expansion. Investment size into one company ranges from 2 million to 10.4 million LTL. Expected investment horizon is around 4-6 years.
For more information please contact: [email protected] or tel. +370 5 2635437