Vilnius-based Okredo secures €1M for European expansion

The Lithuanian open data startup Okredo has closed a €1 million seed round led by Business Angels Fund and Presto Ventures, EU-Startups informs.

  • Founded in 2015, Okredo develops a SaaS platform that helps small and medium-sized businesses assess the credibility, financial strength, and sales potential of available business partners and customers.
  • Okredo’s technology employs AI-driven analysis to enhance open data and shows it in the form of modules and reports. Enhanced data also provide credit scores that are updated during the entire lifecycle of a partnership.
  • The platform is aimed to reduce the economic risk of delayed payments from customers. In the case of non-payment, Okredo suggests the best option for businesses to act — negotiating, going to court, or publishing the debt.
  • Currently, Okredo has 12,000 users and 2,700 corporate clients.
  • Lithuanian Business Angels Fund is a VC fund primarily investing in early-stage startups. Czech Presto Ventures is a VC fund empowering Central and Eastern European startups.
  • The fresh funding will allow expansion from Lithuania into other European markets, such as Latvia, Poland, and the UK.