Cobalt has advised Ovoko on a EUR 20 million phase B venture capital investment round led by Smash Capital. Noor advised the founders of Ovko. Sorainen reportedly advised Smash Capital.
According to Cobalt, "the company will use the funds to develop its products – a used car parts business management system, commerce platform, and logistics solutions. The company plans to expand its team, which is expected to add another 100 employees within 18 months."
“The company has the ambition to become the largest and most appealing platform for the e-commerce of used car parts in Europe, and the investment we have attracted will allow us to move towards this goal," Ovoko CEO and co-founder Justinas Baranovskis.
In 2022, Cobalt advised Piton Capital on its investment in Ovoko (as reported by CEE Legal Matters on October 17, 2022).
The Cobalt team included Partner Akvile Bosaite.
The Noor team included Partner Andrius Iskauskas, Associate Partner Audrius Slazinskas, and Of Counsel Donatas Zdanavicius.
