Ovoko funding news – Vilnius-based Ovoko secured €20M in Series B Round Funding
Sep 30, 2024 | By Team SR
Ovoko is an online marketplace for auto parts that links recyclers, dealers, mechanics, auto dismantlers, and enthusiasts with vendors of auto parts. The Lithuanian startup recently revealed that Smash Capital had provided €20 million in Series B round funding.
SUMMARY
- Ovoko is an online marketplace for auto parts that links recyclers, dealers, mechanics, auto dismantlers, and enthusiasts with vendors of auto parts.
- Established in 2016, Ovoko is an online marketplace that facilitates the search, acquisition, and sale of old auto components.
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.
Read also - La Solive funding news – French-based La Solive Secures €4 Million in a Series A Round Funding
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.
RECOMMENDED FOR YOU
[Funding alert] Stockholm-based Scayl Secures €100 Million in Funding
Team SR
Apr 3, 2024
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.