Vilnius-based car parts platform Ovoko, which connects buyers with used car parts, has raised €20 million in a Series B funding round led by Smash Capital. This investment marks Smash Capital's first venture into the Lithuanian ecosystem. The capital raised will enable Ovoko to grow its team and expand into new markets.
- Founded in 2016 by Justinas Baranovskis and Oleg Lopeta, Ovoko is a digital marketplace for the sale and distribution of used car parts, operating mainly in European markets.
- The platform makes it simple to find, purchase, and sell used automobile parts. Ovoko also offers a digital warehouse management system for effective inventory control and logistics solutions that provide timely and dependable delivery of car parts throughout the EU, resulting in smooth transactions for all users.
- The startup has a team of nearly 200 employees and operates in 17 countries. Ovoko has sold over 1 million car parts and attracts around 6 million visitors each month. Notably, its revenue surged by 100% in the first half of this year.
Details of the deal
- The Series B round was led by Smash Capital, a Los Angeles-based venture capital firm that invests in growth-stage technology companies, focusing on sectors such as consumer internet and gaming, financial services, healthcare, enterprise software, and commerce.
- Ovoko plans to invest in product development, team growth, and expansion to become Europe's leading used auto parts platform. The company plans to hire 100 new employees within 18 months and fill positions in customer service, IT, data analysis, and business development.
