Used car spare parts marketplace Ovoko raises €20M

Lithuanian marketplace for selling and buying used car spare parts Ovoko, operating under the brand RRR, has raised €20M in Series B. Los Angeles-based Smash Capital was the lead investor in the deal. Smash Capital partner Brad Twohig has joined Ovoko's board of directors.

Founded in Vilnius in 2016 by Justin Baranovskis and Olegas Lopeta, Ovoko has developed a B2C and B2B marketplace that offers over 15M pre-owned auto parts from over 3K European sellers. The marketplace connects auto parts sellers, dismantlers, and recyclers with car dealers, mechanics, and enthusiasts. The company enables sellers to offer their products in the local market and also abroad. It takes responsibility for customer service, logistics (from pickup of the part to delivery and if necessary return), and other issues that may be related to product orders. The Ovoko system allows the team to automatically determine the spare part code, name, and car brand from an uploaded photo. If the car brand is not represented in the system, it offers several models to choose from. In addition, several sales channels can be connected to the platform (eBay, Allegro, etc.). When the part is sold on Ovoko, it is automatically removed from the other channels.

Ovoko operates in 17 European countries, including Estonia, Latvia, Sweden, Germany, and France, and has a team of almost 200 employees. 6M users visit the platform every month. In 2023, the company sold more than 1M auto parts, and its revenue grew by 108%, up to $22.6M.

Lithuanian startup will use the funds to develop its existing products - a trading platform and logistics solutions - and to expand its team. The company plans to hire 100 new employees in the customer service sphere, IT specialists, data analytics, business development, and project managers during the next 18 months.

Ovoko also plans to invest in projects related to the development of new products and entrance into large markets.