Vilnius-based Ovoko is an online marketplace for auto parts, connecting car parts sellers, auto dismantlers, recyclers, car dealers, mechanics, and enthusiasts.
Recently, the Lithuanian company announced that it has secured €20M in Series B funding from Smash Capital.
Based out of Los Angeles, Smash Capital is a later-stage VC firm. The VC focuses on consumer internet & gaming, financial services, healthcare, enterprise software, and commerce.
This marks the largest investment in a Lithuanian startup this year and the first time this U.S.-based fund has invested in Lithuania.
The company will use the funds to accelerate its product growth — a business management system for used car parts, a trading platform, and logistics solutions, as well as hire 100 new employees over the next 18 months.
Currently, the company is looking for talents in product management, data analysis, business development, and customer support.
How was Ovoko born?
The story began with a single Excel sheet when Ovoko co-founder Justinas became a scrapyard owner in 2014.
Faced with various customer needs and expectations, he wanted to maintain a log of all available car parts for sale.
While Excel sufficed, Justinas considered the existence of a better solution for scrapyard owners everywhere.
At the time, the initial response was negative, leading to the involvement of the second co-founder, Olegas.
Ovoko: Online marketplace where car parts sellers
Founded by Justinas Baranovskis and Olegas Lopeta in 2016, Ovoko is an online marketplace that makes it simple to find, purchase and sell used automobile parts.
The Lithuanian company provides a digital warehouse management system for efficient inventory control and logistics solutions, ensuring reliable and timely delivery of car parts across the EU.
Hosting a catalog of more than 15 million used car parts, the company offers fast shipping in Europe and a 14-day money-back guarantee.
01
Tech meets private credit: Demystifying Norsad Capital’s efficiency boost with PE Front Office