Vilnius-based startup Okredo collects €650K in a follow-up investment round which takes its total funding up to €1.65M. The round was led by Lithuanian Business Angels Fund, Presto Ventures, and Lighthouse Ventures. The startup’s platform analyzes the data obtained from official sources in real-time and helps its users unveil the full potential and risks in making business decisions. The new investment will fuel up its efforts of scaling to Great Britain and enable them to finalize the open banking solution.
Founded in 2015, Okredo combines innovative solutions and the latest data from official and verified sources, so that businesses have the opportunity to quickly and conveniently get to know their potential and existing business partners, evaluate growth opportunities and keep the business healthy.
Gerda Jurkonienė, co-founder and CEO of Okredo: ”The decision of some venture capital funds to continue investments is a sign of the company’s efficiency and ability to deliver results. The general proliferation of the data market — with its ability to increase the overall speed of business — has also helped attract further investments. The data industry, which has even been dubbed by some as the ‘new oil’, is an attractive field for investors.”
Gerda added: “Our platform offers a variety of tools that make it simpler to assess businesses’ risks and sales potential. These tools are highly valuable due to the current economic instability, brittle logistical chains, the ongoing geopolitical tensions, and the reorientation of international commerce. However, European companies currently lack a widely-accessible open data platform to analyze such factors, which is exactly what we want to change. To help tackle this situation, we have also created a number of API solutions for our partners who create ERP, CRM, and accounting systems, adding the value of current data to their services.”
Last year, Okredo raised €1 million in a seed funding round led by the Lithuanian Business Angels Fund and Presto Ventures, with support from Startup Wise Guys. Having successfully launched in the Baltic States, Okredo now plans to take advantage of the EU directive and expand into new markets. The platform was introduced in all three Baltic nations last year and currently has over 17,000 users and more than 3,000 corporate clients.
Roman Nováček, partner at Presto Ventures, says, “Having invested in Okredo a few months ago, we had the opportunity to observe the company’s operations from the inside, to get to know the processes and the team. Our investment has exceeded our expectations, and we still see potential in further developing their product and adding new features to broaden the market potential.
We want to play a more active role in Okredo’s expansion to other countries. We do not doubt that a single European platform for corporate data can make doing business across Europe more secure, especially for small businesses traditionally priced out of the market. They will appreciate it in these uncertain economic conditions.”
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