Ovoko attracts EUR 20 million investment

Ovoko, which operates online marketplaces for used car parts, has attracted a new EUR 20 million Phase B venture capital investment. This is the largest investment in the Lithuanian start-up ecosystem this year.

The company will use the funds to develop its products – a used car parts business management system, commerce platform and logistics solutions. The company plans to expand its team, which is expected to add another 100 employees within 18 months. Smash Capital, a US venture capital fund manager, has become the round’s lead investor.

Ovoko’s management believes that the timing of the investment is right, as it has managed to optimise the company’s operations and maintain its growth momentum. The start-up has managed to achieve a break-even result this year, which has allowed them to start looking further ahead.

Justinas Baranovskis, co-founder and CEO of Ovoko, said, “The company has the ambition to become the largest and most appealing platform for the e-commerce of used car parts in Europe, and the investment we have attracted will allow us to move towards this goal.”

The company currently employs 170 people and is expected to grow by 50%.

COBALT team, led by Partner Akvilė Bosaitė, provided guidance to Ovoko on all aspects of the investment.