Ovoko Lands Lithuania’s Largest Startup Investment of 2024 with €20M

Lithuania’s startup ecosystem has hit another major milestone: Ovoko, known for its online used car parts marketplace (also known as RRR.lt), has raised €20 million in a Phase B investment round.

The Ovoko team

 

Led by US-based Smash Capital, this marks the largest investment in Lithuania’s startup scene this year. Smash Capital’s partner Brad Twohig, who brings experience from Vinted, has joined Ovoko’s board to help guide its future growth.

 

Founded in 2016 by Justinas Baranovskis and Oleg Lopeta, Ovoko began with a simple idea—digitize the used car parts industry. Fast forward to today, and the company has connected over 3,000 sellers across Europe, helping to modernize this largely offline sector.

 

This new funding will power significant developments. Ovoko plans to enhance its SaaS platform, expand logistics solutions, and grow its team by 50%, adding 100 new employees in the next 18 months. The company’s ambitious growth plans include expanding its presence into France, one of its key target markets for the coming year.

 

Ovoko’s CEO, Saulius Česnulevičius, emphasizes that the company is well-positioned to scale internationally, with over 80% of its sales now coming from markets outside the Baltics. This latest round of investment will help Ovoko further establish itself as a global player in the automotive parts industry, while also maintaining healthy growth and profitability.

 

Read more here: https://www.vz.lt/inovacijos/2024/09/27/ovoko-pritrauke-nauja-20-mln-eur-investicija-musu-versle-lyderis-pasiima-viska