Lithuanian open data startup Okredo scores €650k boost funding
The Vilnius-based open data startup Okredo has scored €650,000 in a seed follow-up funding round. The SaaS startup enables small European businesses to access enhanced business opportunities, EU-Startups informs.
- Founded in 2015, Okredo offers the SaaS platform that is enabling small and medium-size businesses to assess the credibility, stability, and sales potential of prospective and ongoing business partners and customers.
- Okredo’s solution analyses open data sources using the AI technology, then creates modules and reports. The businesses can utilize the information for both sales and credit risk management. Enhanced data also provide credit scores that are updated during the entire lifecycle of a partnership.
- The Lithuanian Business Angels Fund led the boost funding. It is a VC fund primarily investing in early-stage startups. Presto Ventures, and Lighthouse Ventures also participated in the round.
“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,”Roman Nováček, partner at Presto Ventures, comments on the investment.
- The €650,000 funding is a part of the previously made €1 million seed investment which Okredo closed in November 2021. According to the company, currently it has nearly 18,000 registered users and 5,500 customers using its platform.
- The company will use the fresh funds to expand into the UK and other markets. It will also set up the development of an open banking solution.