Lithuanian startup Commody raises €500K

Commody, a platform that opens up the collector car market to retail investors, has raised €500K. Investors include Lithuanian venture funds Firstpick and Coinvest Capital, as well as five private investors.

Commody was founded in Lithuania in 2024 by Viliaus Oškeliūno, Gerda Oškeliūnė, Vytautas Zabulis, Gintautas Ščerbavičius, Martynas Pranaitis and Vitoldas Milius. The company presents a platform for car collecting, which allows anyone to become a co-owner of rare collectible and historical cars.

According to Commody's founder, the investment will help the company continue to develop the functionality of the Commody platform and attract an audience of car enthusiasts, focusing on expansion in Western Europe and Scandinavia. The platform is expected to have more than 700K users worldwide in five years.

Founded in 2022, Firstpick is a venture capital firm based in Vilnius, Lithuania. The firm seeks to invest in early-stage companies operating in the fintech, software as a service, deep tech, and consumer marketplaces sectors across the Baltic region. The partners of Firstpick are Jone Vaituleviciute, Marijus Andrijauskas, Andra Bagdonaite.

Coinvest Capital, an early-stage venture fund established in 2018 by the national development bank ILTE, invests EU and Republic of Lithuania public funds, in promising Lithuanian startups. Since its inception, the fund and its partners have already invested €37.9M in 39 startups. The managing director of Coinvest Capital is Viktorija Trimbel.