We advised Smash Capital, a US venture capital fund manager, on investing in Ovoko, a Lithuanian startup operating online marketplaces for used car parts. Smash Capital acted as lead investor in the Series B round, which was worth EUR 20 million in total. This is the largest investment in the Lithuanian startup ecosystem this year.
Ovoko intends to use the funds to develop its products – a business management system for used car parts, a trading platform and logistics solutions – and to expand its team which is expected to grow by 100 new employees within 18 months.
Smash Capital partner Brad Twohig will also join the board of Ovoko. He was previously on the board of Lithuania’s first unicorn, Vinted.
Potential unicorn in the long run
Founded in 2016, Ovoko has expanded in recent years to become one of the fastest-growing names in the Lithuanian startup ecosystem, with the long-term ambition of becoming a unicorn. Its revenue more than doubled last year to EUR 22.5 million, and over 3,000 used car parts sellers from all over Europe used its platform.
Ovoko provides three main products: a SaaS platform for used car parts sellers to digitalise and manage their goods; the marketplace itself, where users can buy parts; and a logistics solution to deliver parts to buyers through partnerships with various logistics companies in Europe.
Our team and services
We advised Smash Capital on all matters related to the transaction, including legal due diligence on Ovoko and negotiating transaction agreements.
Our team, led by partner Laimonas Skibarka and senior associate Matas Mačiulaitis, consisted of senior associates Erika Žigutė and Ana Borovko, associates Raminta Matulytė, Akvilė Jurkaitytė and Goda Jakubauskaitė, as well as assistant lawyer Morta Šablevičiūtė.
