The Lithuanian E-commerce car parts startup Ovoko announced on Friday that it had attracted a EUR 20 million investment from Smash Capital, which is a venture capital fund in the United States.
Ovoko CEO Saulius Cesnulevicius said that his company will use the financing to develop new products and to expand into new markets.
A news release from the company quoted the boss as saying this: “We’re looking at investments in new projects that will create new products and expand into larger markets.”
Ovoko says that 80% of its sales are outside of Lithuania, with France being the largest export market.
“Our ambition is to become the largest and most attractive platform for the E-commerce of used auto parts in Europe,” says Justinas Baranovskis, a co-founder of Ovoko and its CEO.
Ovoko employs nearly 200 people in Lithuania and 17 other countries in Europe. Its platform attracts around six million monthly visitors, with sales exceeding one million car parts last year.
The company trimmed its net losses last year to EUR 3 million, down 14% from EUR 3.5 million in 2022. Revenues more than doubled to EUR 22.6 million from EUR 10.8 million.
Source: BNS
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