Ovoko raises €20M Series B

Vilnius-based startup Ovoko, specializing in the e-commerce of used car parts, has secured €20 million in Series B funding, marking the largest investment in a Lithuanian startup this year. The round was led by U.S. venture capital firm Smash Capital, their first investment in Lithuania. Ovoko offers a digitized platform and logistics solutions, facilitating fast and reliable sales across the EU, with France as its largest market. The funds will fuel product development, market expansion, and team growth as Ovoko aims to dominate Europe’s used car parts e-commerce sector.

Founded in 2016, Ovoko specializes in creating advanced digital solutions for the sale and distribution of used car parts. Its main offering is an electronic marketplace where buyers and sellers of car parts can connect, making it easier to purchase second-hand automotive components online. Ovoko’s platform is designed to simplify the process of sourcing, buying, and selling used car parts, catering primarily to European markets.

Beyond the marketplace, Ovoko also offers a digitized warehouse management system that streamlines inventory control for sellers, helping them manage stock efficiently. The company’s logistics solutions ensure fast and reliable delivery of car parts across the European Union, enabling both sellers and buyers to benefit from timely and transparent transactions.

With a strong presence in over 17 countries and millions of visitors to its platform, Ovoko is rapidly expanding its operations across Europe, aiming to modernize the used car parts industry with cutting-edge technology and customer-centric services.

Ovoko’s co-founder and CEO, Justinas Baranovskis, expresses, “We have already proved to both the market and investors that our business model works and we can work profitably. In Europe, we already connect sellers in 17 countries, about 6 million people visit our platform every month. visitors, and last year we sold more than 1 million. car parts. We now have the ambition to become the largest and most attractive platform for e-commerce of used car parts throughout Europe. The confidence of investors and the attracted investments will allow us to move towards this goal in a purposeful way and to expand both quantitatively and qualitatively.”

With the latest investment, Ovoko plans to scale its operations and product offerings further, aiming to become Europe’s leading used auto parts platform. The company, which currently employs nearly 200 staff, is expanding its team with open positions in customer service, IT, data analysis, and business development.

“It is difficult to accurately calculate the used car parts market in Europe, but no one doubts that it is huge, and modern and customized solutions are still lacking here. We have no doubt that the Ovoko team is capable of not only modernizing the market, but also helping other businesses in this space expand and grow,” says Brad Twohig, Managing Partner and Co-Founder of Smash Capital.

Although this is Smash Capital’s first Lithuanian investment, the firm is no stranger to high-growth companies, with a portfolio that includes investments in Blockchain.com and Leonardo.AI.

Ovoko’s managing director Saulius Česnulevičius says,: “We intend to invest in projects that include both the development of new products and expansion into large markets, as well as bold, but responsibly considered decisions. It is for these reasons that we chose Smash Capital, who support our vision, take responsible risks and are from the US, a market that is new to us.”

Click to read more funding news.