🔧 Ovoko secures €20M in Series B
Ovoko, an online marketplace based in Vilnius, Lithuania, has raised €20M ($21M) in Series B funding. This funding round, led by Smash Capital, marks the largest investment in a Lithuanian startup this year. Smash Capital, a Los Angeles-based VC firm, primarily invests in consumer internet, gaming, and commerce, and this is its first investment in Lithuania. Ovoko plans to use the funds to grow its marketplace platform, enhance logistics, and create a robust business management system for used car parts. With over 15M parts in its catalog, Ovoko is a key player in Europe’s auto parts market.
📈 Accelerating growth and job creation
Ovoko has ambitious plans for the future. The company will hire 100 new employees over the next 18 months, primarily in roles related to product management, data analysis, and customer support. The Series B funds will also be used to improve Ovoko's trading platform and logistics system. "This funding allows us to scale faster and make car parts trading more efficient," said co-founder Justinas Baranovskis. The company aims to transform how used car parts are traded and delivered across Europe, promoting a circular economy in the auto industry.
🚗 How Ovoko started
Ovoko’s journey started in 2014 when co-founder Justinas Baranovskis was managing a scrapyard. To track available car parts, he initially used an Excel sheet. However, he saw the need for a more efficient system. Along with co-founder Olegas Lopeta, Ovoko was launched in 2016 to help scrapyard owners, mechanics, and car enthusiasts buy and sell used car parts online. The platform offers reliable shipping throughout the EU and a 14-day return policy, setting a high standard for customer satisfaction in the industry.
🌍 Supporting the circular economy
Ovoko is making strides in the circular economy by encouraging the reuse of car parts, reducing waste, and lowering costs for consumers. By offering an easy-to-use platform, Ovoko connects sellers, dismantlers, recyclers, and buyers of used auto parts, promoting sustainability in the automotive industry. The company’s innovative warehouse management system ensures efficient inventory control and fast deliveries across Europe. "We’re committed to making car parts accessible while minimizing environmental impact," says Baranovskis.
Can Ovoko's funding spark innovation in Lithuania?
