Record-Setting Start for MyCabin in New Year: Revenue Surges Over Twofold
MyCabin, a manufacturer of sustainable housing, has commenced 2025 on a robust note, setting the stage for sustained growth. The company achieved a turnover of 1.16 million euros in the first quarter, marking a staggering 128% increase compared to the same quarter in the previous year.
Girts Draugs, the founder and CEO of MyCabin, attributes this growth to the company's ability to deliver high-quality, eco-friendly, and speedy prefabricated housing solutions, not just within Latvia, but also across various international markets. As numerous regions in Europe grapple with a housing shortage, customers have shown a keen appreciation for alternative construction methods. Simultaneously, MyCabin has been actively refining its corporate strategy, with plans to launch a novel product in all active markets.
The surge in growth can largely be attributed to MyCabin's intentional efforts to establish a competent management team and solidify its presence in Latvia and the broader Baltic region. The demand across all existing markets has surged significantly, underscoring the growing customer interest and confidence in MyCabin's products. Another growth catalyst has been the development of an international team, enabling the company to broaden and strengthen its presence in export markets, while signaling promising growth prospects for the future. MyCabin is currently scouting new export opportunities, with anticipated results imminent.
In Estonia, there is a growing demand for top-notch, thoughtfully designed, and swift-to-implement housing solutions. Tarmo Mahmastol, MyCabin's Estonia representative, observes that customers often prefer solutions that can be implemented without unnecessary complications and technical details. The presence and assistance of a professional team throughout the process are also highly valued.
To foster expansion into foreign markets, MyCabin secured 250,000 euros in funding from development finance institution ALTUM. These funds are being channeled towards the production of demo houses, with unveilings scheduled this summer in Poland and Finland. Potential clients will thus have the chance to examine MyCabin's prefabricated housing solutions firsthand.
ALTUM extends financing for various business development purposes, with a focus on supporting innovative and export-oriented companies. Recognizing MyCabin's potential for growth, both domestically and internationally, ALTUM is providing financial backing to the company, contributing to the growth of Latvia's economy.
Founded in Latvia in 2020, MyCabin specializes in the production of prefabricated homes, boasting facilities in Jelgava and Chicago. The company's homes are designed to meet the highest standards of comfort and energy efficiency. MyCabin's homes manufactured in Latvia are exported to Estonia, Lithuania, Germany, and increasingly, North America, reflecting its expanding global reach.
- Girts Draugs, the entrepreneur behind MyCabin, credits the company's impressive growth to its offering of high-quality, eco-friendly, and swift prefabricated housing solutions in both domestic and international markets.
- With a booming demand for efficient housing solutions, Tarmo Mahmastol, MyCabin's Estonia representative, notes that customers value straightforward, hassle-free implementations and professional support throughout the process.
- To spur growth in foreign markets, MyCabin secured 250,000 euros in funding from ALTUM, a development finance institution that focuses on supporting innovative and export-oriented companies.
- The funding will be used to produce demo houses, which will be showcased this summer in Poland and Finland, offering potential clients a chance to inspect MyCabin's prefabricated housing solutions firsthand.
- By providing financial backing to MyCabin, ALTUM aims to contribute to the growth of Latvia's economy and support businesses that are innovative, export-oriented, and extend their reach beyond national borders.
