Ovoko, a startup based in Vilnius, Lithuania, is working to transform the European market for used car parts through a digital platform. Founded in 2016 by Justinas Baranovskis, the company recently raised €20 million in a Series B funding round led by U.S. venture capital firm Smash Capital. This investment, the largest for a Lithuanian startup this year, also marks Smash Capital’s first entry into the Lithuanian market.
a digital platform to facilitate transactions
Ovoko’s primary offering is a digital platform that connects buyers and sellers of used car parts, aiming to simplify the transaction process for both parties. In addition, Ovoko provides a digitized warehouse management system that helps sellers manage their inventory more effectively, along with logistics solutions to ensure the timely delivery of parts across the European Union.
The platform is currently active in over 17 European countries, attracting approximately 6 million visitors per month. In 2023, Ovoko reported selling more than one million parts. While these figures suggest growing adoption, the company operates in a fragmented and competitive market.
funding and growth objectives
The recent €20 million funding will allow Ovoko to continue developing its platform and expanding into new markets. The company also plans to strengthen its team, which currently consists of nearly 200 employees. Upcoming hires will focus on customer service, IT, data analysis, and business development roles.
According to Justinas Baranovskis, Ovoko’s co-founder and CEO, this funding represents a significant milestone in the company’s ambition to become a major player in Europe. However, it remains to be seen whether the company can achieve this goal in a market where many competitors are also attempting to digitize the sale of car parts
