Vilnius-based Ovoko, an online marketplace for used auto parts, has raised €20 million in Series B funding led by Smash Capital, marking the largest investment in a Lithuanian startup this year.
Smash Capital, a U.S.-based VC firm focusing on sectors like consumer internet and commerce, made its first investment in Lithuania with this round.
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Expanding Product and Workforce
Founded by Justinas Baranovskis and Olegas Lopeta in 2016, the startup provides a platform connecting car part sellers, auto dismantlers, recyclers, and mechanics. With the fresh funds, the company plans to accelerate product development, including its business management system, trading platform, and logistics solutions. The company also aims to hire 100 new employees across product management, data analysis, business development, and customer support within the next 18 months.
Driving Efficiency in the Automotive Industry
Ovoko offers a digital warehouse management system to optimize inventory and ensure timely delivery across the EU. With a catalog of over 15 million used car parts and a 14-day money-back guarantee, the startup is helping streamline the circular economy in the automotive industry by making it easier to find, buy, and sell used car components.
