Ovoko funding news – Vilnius-based Ovoko secured €20M in Series B Round Funding

Smash Capital is a later-stage venture capital firm headquartered in Los Angeles. The venture capital (VC) focuses on enterprise software, financial services, healthcare, consumer internet and gaming, and commerce.

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This is the U.S.-based fund's first investment in Lithuania and the largest investment in a Lithuanian startup this year. During the next 18 months, the company plans to add 100 more staff members and accelerate the expansion of its products, which include a trading platform, logistics solutions, and a business management system for used auto parts.

The narrative started in 2014 when Justinas, the co-founder of Ovoko, bought a scrapyard. He started with a single Excel sheet. Having to deal with different consumer demands and expectations, he intended to keep a record of every car item that was offered for purchase. Although Excel worked well enough, Justinas thought there must be a better way for scrapyard owners everywhere.

About Ovoko

Established in 2016, Ovoko is an online marketplace that facilitates the search, acquisition, and sale of old auto components. It was founded by Justinas Baranovskis and Olegas Lopeta. The Lithuanian company ensures dependable and prompt delivery of auto parts throughout the European Union by offering a digital warehouse management system for effective inventory control and logistics solutions.